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

by · The Markets Daily

Cleveland-Cliffs (NYSE:CLF – Get Free Report) posted its quarterly earnings results on Monday. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the firm posted $0.54 EPS. The company’s quarterly revenue was down 18.5% compared to the same quarter last year.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded down $1.34 during midday trading on Tuesday, reaching $11.77. 22,453,464 shares of the company traded hands, compared to its average volume of 9,908,932. The stock’s 50-day simple moving average is $12.67 and its 200-day simple moving average is $14.65. 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 12 month low of $10.21 and a 12 month high of $22.97. The firm has a market cap of $5.51 billion, a PE ratio of -12.57 and a beta of 1.97.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup decreased their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Finally, Morgan Stanley dropped their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.56.

Get Our Latest Stock Analysis on Cleveland-Cliffs

Cleveland-Cliffs Company Profile

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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.

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