Cleveland-Cliffs Inc (CLF) Expected to Announce Quarterly Sales of $116.88 Million

Equities analysts expect Cleveland-Cliffs Inc (NYSE:CLF) to report $116.88 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Cleveland-Cliffs’ earnings. The lowest sales estimate is $106.00 million and the highest is $123.80 million. Cleveland-Cliffs posted sales of $239.00 million during the same quarter last year, which suggests a negative year-over-year growth rate of 51.1%. The company is expected to issue its next quarterly earnings report on Friday, April 19th.

On average, analysts expect that Cleveland-Cliffs will report full-year sales of $2.28 billion for the current year, with estimates ranging from $2.05 billion to $2.42 billion. For the next fiscal year, analysts anticipate that the company will report sales of $2.30 billion, with estimates ranging from $2.16 billion to $2.43 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Cleveland-Cliffs.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Friday, February 8th. The mining company reported $0.55 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 company had revenue of $696.30 million during the quarter, compared to analyst estimates of $721.52 million. During the same period in the prior year, the business earned $1.07 earnings per share. Cleveland-Cliffs’s quarterly revenue was up 36.0% on a year-over-year basis.

Several research firms have recently issued reports on CLF. JPMorgan Chase & Co. increased their price target on Cleveland-Cliffs to $17.00 and gave the stock an “overweight” rating in a research note on Monday, February 11th. Jefferies Financial Group increased their price target on Cleveland-Cliffs from $11.50 to $13.75 and gave the stock a “buy” rating in a research note on Friday, February 8th. TheStreet raised Cleveland-Cliffs from a “c+” rating to a “b” rating in a research note on Wednesday, February 20th. Cowen reissued a “market perform” rating and issued a $11.00 price target (up previously from $8.50) on shares of Cleveland-Cliffs in a research note on Thursday, February 7th. Finally, Citigroup increased their price target on Cleveland-Cliffs to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $12.43.

In other news, CFO Keith Koci bought 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 27th. The stock was acquired at an average price of $11.52 per share, with a total value of $103,680.00. Following the completion of the purchase, the chief financial officer now directly owns 39,349 shares of the company’s stock, valued at approximately $453,300.48. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Susan Miranda Green sold 12,700 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were 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. Company insiders own 1.32% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Janney Montgomery Scott LLC boosted its position in shares of Cleveland-Cliffs by 675.2% in the 3rd quarter. Janney Montgomery Scott LLC now owns 88,254 shares of the mining company’s stock valued at $1,117,000 after purchasing an additional 76,869 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Cleveland-Cliffs by 13.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 75,217 shares of the mining company’s stock valued at $952,000 after purchasing an additional 8,920 shares during the period. Prudential Financial Inc. boosted its position in shares of Cleveland-Cliffs by 1,602.7% in the 3rd quarter. Prudential Financial Inc. now owns 530,262 shares of the mining company’s stock valued at $6,713,000 after purchasing an additional 499,120 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Cleveland-Cliffs by 3.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,037,877 shares of the mining company’s stock valued at $25,801,000 after purchasing an additional 65,196 shares during the period. Finally, CIBC World Markets Inc. boosted its position in shares of Cleveland-Cliffs by 677.3% in the 3rd quarter. CIBC World Markets Inc. now owns 156,704 shares of the mining company’s stock valued at $1,984,000 after purchasing an additional 136,544 shares during the period. 74.20% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:CLF traded up $0.27 on Monday, hitting $9.99. The company’s stock had a trading volume of 9,359,649 shares, compared to its average volume of 9,684,621. Cleveland-Cliffs has a 12 month low of $6.63 and a 12 month high of $13.10. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 4.69 and a beta of 1.84. The company has a debt-to-equity ratio of 4.93, a quick ratio of 2.77 and a current ratio of 3.16.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, April 5th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.20 annualized dividend and a yield of 2.00%. Cleveland-Cliffs’s dividend payout ratio is currently 9.39%.

About Cleveland-Cliffs

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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