FY2022 EPS Estimates for Cleveland-Cliffs Inc. (NYSE:CLF) Lowered by KeyCorp

Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) – Equities researchers at KeyCorp decreased their FY2022 earnings estimates for Cleveland-Cliffs in a report released on Monday, November 21st. KeyCorp analyst P. Gibbs now expects that the mining company will post earnings per share of $3.05 for the year, down from their previous forecast of $3.10. The consensus estimate for Cleveland-Cliffs’ current full-year earnings is $3.04 per share. KeyCorp also issued estimates for Cleveland-Cliffs’ FY2023 earnings at $0.90 EPS.

Other equities analysts have also recently issued reports about the company. B. Riley reduced their target price on Cleveland-Cliffs from $32.00 to $26.00 in a research note on Wednesday, October 26th. Credit Suisse Group reduced their target price on Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating for the company in a research note on Wednesday, September 21st. The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, October 6th. Exane BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 price objective on the stock. in a research note on Tuesday, October 18th. Finally, StockNews.com assumed coverage on Cleveland-Cliffs in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $20.42.

Cleveland-Cliffs Stock Up 2.0 %

Shares of NYSE:CLF opened at $15.90 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 2.33 and a debt-to-equity ratio of 0.62. Cleveland-Cliffs has a 52-week low of $11.82 and a 52-week high of $34.04. The company has a 50 day moving average of $14.49 and a two-hundred day moving average of $17.10. The company has a market capitalization of $8.19 billion, a price-to-earnings ratio of 3.45 and a beta of 2.18.

Cleveland-Cliffs (NYSE:CLFGet Rating) last issued its quarterly earnings data on Tuesday, October 25th. The mining company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.39). Cleveland-Cliffs had a net margin of 10.48% and a return on equity of 40.41%. The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.79 billion. During the same period last year, the business earned $2.33 EPS. The firm’s revenue was down 5.8% compared to the same quarter last year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the company. IHT Wealth Management LLC raised its stake in shares of Cleveland-Cliffs by 70.6% in the 3rd quarter. IHT Wealth Management LLC now owns 24,821 shares of the mining company’s stock valued at $334,000 after acquiring an additional 10,274 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of Cleveland-Cliffs by 44.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 49,621 shares of the mining company’s stock valued at $669,000 after acquiring an additional 15,377 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at approximately $1,033,000. Cladis Investment Advisory LLC raised its stake in shares of Cleveland-Cliffs by 8.1% in the 3rd quarter. Cladis Investment Advisory LLC now owns 58,900 shares of the mining company’s stock valued at $793,000 after acquiring an additional 4,400 shares in the last quarter. Finally, Warther Private Wealth LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at approximately $1,546,000. 61.21% of the stock is currently owned by institutional investors and hedge funds.

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.

See Also

Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)

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