Cleveland-Cliffs (NYSE:CLF) Posts Earnings Results, Misses Expectations By $0.02 EPS

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

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF traded up $2.33 during trading on Wednesday, reaching $13.94. The stock had a trading volume of 41,239,674 shares, compared to its average volume of 10,125,141. The business has a fifty day moving average price of $12.62 and a 200-day moving average price of $14.58. The stock has a market cap of $6.52 billion, a PE ratio of -14.37 and a beta of 1.97. 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 1-year low of $10.21 and a 1-year high of $22.97.

Analysts Set New Price Targets

CLF has been the subject of a number of recent analyst reports. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Morgan Stanley lowered their price target on 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Company Profile

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.