Cleveland-Cliffs (NYSE:CLF – Get Free Report) released its quarterly earnings results on Monday. The mining company reported $0.11 EPS for the quarter, Briefing.com reports. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.69 EPS.
Cleveland-Cliffs Price Performance
Shares of CLF stock traded up $0.04 during midday trading on Monday, reaching $15.21. 9,998,106 shares of the company were exchanged, compared to its average volume of 8,895,205. Cleveland-Cliffs has a 12 month low of $13.84 and a 12 month high of $22.97. The company has a market cap of $7.23 billion, a P/E ratio of 20.61, a PEG ratio of 1.13 and a beta of 2.03. The company’s 50 day moving average price is $16.00 and its two-hundred day moving average price is $18.49. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90.
Cleveland-Cliffs announced that its board has approved a share repurchase program on Monday, April 22nd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the mining company to repurchase up to 17.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
Insiders Place Their Bets
Analysts Set New Price Targets
A number of equities analysts have issued reports on the company. Wolfe Research reaffirmed an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Seaport Res Ptn raised Cleveland-Cliffs to a “hold” rating in a research report on Tuesday, June 11th. Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They issued a “buy” rating and a $22.00 target price on the stock. B. Riley reaffirmed a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.44.
Read Our Latest Stock Analysis on Cleveland-Cliffs
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.
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