Cleveland-Cliffs Inc (CLF) Expected to Announce Quarterly Sales of $119.06 Million

Brokerages expect that Cleveland-Cliffs Inc (NYSE:CLF) will announce $119.06 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Cleveland-Cliffs’ earnings. The lowest sales estimate is $106.00 million and the highest is $132.50 million. Cleveland-Cliffs reported sales of $239.00 million during the same quarter last year, which would suggest a negative year over year growth rate of 50.2%. The company is scheduled to issue its next quarterly earnings report before the market opens on Thursday, April 25th.

On average, analysts expect that Cleveland-Cliffs will report full year sales of $2.27 billion for the current year, with estimates ranging from $2.05 billion to $2.42 billion. For the next year, analysts anticipate that the firm will report sales of $2.29 billion, with estimates ranging from $2.16 billion to $2.43 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Friday, February 8th. The mining company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). Cleveland-Cliffs had a negative return on equity of 509.82% and a net margin of 47.17%. The business had revenue of $696.30 million for the quarter, compared to analyst estimates of $721.52 million. During the same quarter last year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was up 36.0% compared to the same quarter last year.

A number of research analysts recently commented on CLF shares. JPMorgan Chase & Co. upped their target price on Cleveland-Cliffs to $17.00 and gave the company an “overweight” rating in a research note on Monday, February 11th. Cowen restated a “market perform” rating and issued a $11.00 target price (up from $8.50) on shares of Cleveland-Cliffs in a research note on Thursday, February 7th. Zacks Investment Research lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Tuesday, April 2nd. Morgan Stanley set a $12.00 target price on Cleveland-Cliffs and gave the company a “hold” rating in a research note on Tuesday, March 5th. Finally, Citigroup upped their target price on Cleveland-Cliffs to $13.00 and gave the company a “buy” rating in a research note on Friday, February 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $12.16.

In other Cleveland-Cliffs news, CFO Keith Koci bought 9,000 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The shares were bought at an average price of $11.52 per share, for a total transaction of $103,680.00. Following the completion of the acquisition, the chief financial officer now owns 39,349 shares of the company’s stock, valued at $453,300.48. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Susan Miranda Green sold 12,700 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $10.06, for a total value of $127,762.00. The disclosure for this sale can be found here. Corporate insiders own 1.32% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Flagship Harbor Advisors LLC lifted its stake in shares of Cleveland-Cliffs by 1,266.7% during the fourth quarter. Flagship Harbor Advisors LLC now owns 4,100 shares of the mining company’s stock valued at $31,000 after acquiring an additional 3,800 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Cleveland-Cliffs during the first quarter valued at $47,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $50,000. Quantamental Technologies LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $52,000. Finally, State of Alaska Department of Revenue acquired a new position in shares of Cleveland-Cliffs during the first quarter valued at $56,000. Institutional investors own 74.11% of the company’s stock.

Shares of NYSE CLF traded down $0.25 during trading hours on Wednesday, reaching $9.37. The stock had a trading volume of 10,051,015 shares, compared to its average volume of 10,472,469. The company has a current ratio of 3.16, a quick ratio of 2.77 and a debt-to-equity ratio of 4.93. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 4.40 and a beta of 1.81. Cleveland-Cliffs has a twelve month low of $7.06 and a twelve month high of $13.10.

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, April 5th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Thursday, April 4th. Cleveland-Cliffs’s dividend payout ratio (DPR) is 9.39%.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)

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