Cleveland-Cliffs (NYSE:CLF) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Cleveland-Cliffs (NYSE:CLF) released its earnings results on Monday. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02), Briefing.com reports. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. Cleveland-Cliffs’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded down $0.34 during mid-day trading on Thursday, hitting $13.60. The company had a trading volume of 6,030,662 shares, compared to its average volume of 10,106,450. The stock’s 50 day moving average price is $12.63 and its 200-day moving average price is $14.58. Cleveland-Cliffs has a 52-week low of $10.21 and a 52-week high of $22.97. The company has a market capitalization of $6.37 billion, a P/E ratio of -14.37 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CLF. Citigroup dropped their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.56.

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.