Cleveland-Cliffs (NYSE:CLF) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Cleveland-Cliffs (NYSE:CLF) issued its quarterly earnings data on Monday. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01), Briefing.com reports. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.50%. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same period in the previous year, the business posted ($0.11) EPS. Cleveland-Cliffs’s revenue was down 1.8% compared to the same quarter last year.

Cleveland-Cliffs Trading Down 1.2 %

Shares of Cleveland-Cliffs stock traded down $0.23 during trading on Wednesday, hitting $18.32. 14,348,173 shares of the company were exchanged, compared to its average volume of 8,717,788. The firm has a market capitalization of $8.71 billion, a P/E ratio of 24.59, a price-to-earnings-growth ratio of 0.72 and a beta of 2.03. Cleveland-Cliffs has a 1-year low of $13.61 and a 1-year high of $22.97. The firm’s fifty day moving average price is $20.98 and its 200 day moving average price is $18.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62.

Analyst Ratings Changes

Several brokerages have commented on CLF. Argus downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. JPMorgan Chase & Co. reduced their target price on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. StockNews.com raised Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, Wolfe Research reissued an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $20.75.

Insider Transactions at Cleveland-Cliffs

In related news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares in the company, valued at approximately $1,841,834.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were bought at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the purchase, the director now directly owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is currently owned by company insiders.

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.