Equities Analysts Offer Predictions for CLF FY2024 Earnings

Cleveland-Cliffs Inc. (NYSE:CLF) – Zacks Research decreased their FY2024 EPS estimates for Cleveland-Cliffs in a report issued on Thursday, February 13th. Zacks Research analyst A. Barman now anticipates that the mining company will post earnings per share of ($0.72) for the year, down from their prior forecast of ($0.61). The consensus estimate for Cleveland-Cliffs’ current full-year earnings is ($0.70) per share. Zacks Research also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at ($0.68) EPS, Q1 2025 earnings at ($0.45) EPS, Q2 2025 earnings at ($0.14) EPS, Q4 2025 earnings at ($0.02) EPS and FY2025 earnings at ($0.52) EPS.

Several other research firms have also issued reports on CLF. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective for the company. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a report on Tuesday, January 7th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.68.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $12.03 on Monday. Cleveland-Cliffs has a 52-week low of $8.99 and a 52-week high of $22.97. The firm has a fifty day moving average of $10.17 and a 200-day moving average of $11.74. The firm has a market capitalization of $5.94 billion, a P/E ratio of -12.40 and a beta of 1.96. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Strengthening Families & Communities LLC grew its holdings in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares in the last quarter. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth about $25,000. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter worth about $34,000. Truvestments Capital LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter worth about $34,000. Finally, Blue Trust Inc. lifted its position in shares of Cleveland-Cliffs by 231.9% in the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after buying an additional 2,539 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

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.