Cleveland-Cliffs Inc Plans Quarterly Dividend of $0.05 (CLF)

Cleveland-Cliffs Inc (NYSE:CLF) declared a quarterly dividend on Thursday, February 21st, Wall Street Journal reports. Stockholders of record on Friday, April 5th will be given a dividend of 0.05 per share by the mining company on Monday, April 15th. This represents a $0.20 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Thursday, April 4th.

Cleveland-Cliffs has a dividend payout ratio of 9.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cleveland-Cliffs to earn $1.28 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 15.6%.

Shares of NYSE CLF traded down $0.25 during trading hours on Friday, reaching $9.37. The stock had a trading volume of 10,051,015 shares, compared to its average volume of 9,168,826. The stock has a market cap of $2.72 billion, a PE ratio of 4.40 and a beta of 1.81. The company has a quick ratio of 2.77, a current ratio of 3.16 and a debt-to-equity ratio of 4.93. Cleveland-Cliffs has a fifty-two week low of $7.06 and a fifty-two week high of $13.10.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, February 8th. The mining company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). The firm had revenue of $696.30 million during the quarter, compared to analyst estimates of $721.52 million. Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The firm’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period last year, the company earned $1.07 earnings per share. Sell-side analysts anticipate that Cleveland-Cliffs will post 1.56 earnings per share for the current year.

In other Cleveland-Cliffs news, CFO Keith Koci acquired 9,000 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The shares were acquired 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 directly owns 39,349 shares of the company’s stock, valued at $453,300.48. The transaction was disclosed in a legal filing 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.

Several analysts have commented on CLF shares. JPMorgan Chase & Co. upped their price objective on Cleveland-Cliffs to $17.00 and gave the company an “overweight” rating in a research note on Monday, February 11th. TheStreet raised Cleveland-Cliffs from a “c+” rating to a “b” rating in a research note on Wednesday, February 20th. Cowen began coverage on Cleveland-Cliffs in a research note on Tuesday, January 8th. They set a “market perform” rating and a $8.50 target price for the company. Citigroup increased their target price on Cleveland-Cliffs to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 8th. Finally, Jefferies Financial Group increased their target price on Cleveland-Cliffs from $11.50 to $13.75 and gave the stock a “buy” rating in a research note on Friday, February 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $12.16.

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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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Dividend History for Cleveland-Cliffs (NYSE:CLF)

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