Cleveland-Cliffs (NYSE:CLF) Issues Earnings Results

Cleveland-Cliffs (NYSE:CLF) issued its quarterly earnings data on Monday. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02), Briefing.com reports. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 18.5% on a year-over-year basis.

Cleveland-Cliffs Trading Down 2.4 %

Shares of CLF stock traded down $0.34 on Thursday, hitting $13.60. 6,030,662 shares of the company’s stock traded hands, compared to its average volume of 10,106,450. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs has a one year low of $10.21 and a one year high of $22.97. The company’s fifty day simple moving average is $12.63 and its 200 day simple moving average is $14.58. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of -14.37 and a beta of 1.97.

Analyst Upgrades and Downgrades

CLF has been the topic of a number of research analyst reports. Citigroup dropped their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and a consensus target price of $17.56.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.