Cleveland-Cliffs (NYSE:CLF) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Cleveland-Cliffs (NYSE:CLF) announced its earnings results on Friday. The mining company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.11, reports. Cleveland-Cliffs had a return on equity of 238.16% and a net margin of 50.72%. The firm had revenue of $697.40 million during the quarter, compared to analyst estimates of $624.23 million. During the same quarter in the prior year, the company earned $0.55 EPS. The business’s revenue was up 3.8% compared to the same quarter last year.

Shares of Cleveland-Cliffs stock opened at $11.30 on Monday. Cleveland-Cliffs has a 52-week low of $7.40 and a 52-week high of $13.10. The company has a current ratio of 2.56, a quick ratio of 1.81 and a debt-to-equity ratio of 7.37. The business’s 50-day moving average price is $10.13. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 5.31 and a beta of 1.92.

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, July 5th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.12%. This is a positive change from Cleveland-Cliffs’s previous quarterly dividend of $0.05. The ex-dividend date was Wednesday, July 3rd. Cleveland-Cliffs’s payout ratio is 11.27%.

CLF has been the topic of several recent analyst reports. Jefferies Financial Group set a $250.00 target price on FleetCor Technologies and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Zacks Investment Research cut GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 2nd. B. Riley raised their price target on Cleveland-Cliffs from $14.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, Credit Suisse Group set a $123.00 target price on Hershey and gave the stock a “hold” rating in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $12.50.

In other Cleveland-Cliffs news, Director Robert P. Fisher, Jr. acquired 3,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, June 3rd. The stock was bought at an average price of $8.92 per share, for a total transaction of $26,760.00. Following the transaction, the director now owns 113,398 shares in the company, valued at approximately $1,011,510.16. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael D. Siegal bought 7,500 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was purchased at an average price of $9.76 per share, with a total value of $73,200.00. Following the completion of the acquisition, the director now owns 75,271 shares of the company’s stock, valued at $734,644.96. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 30,500 shares of company stock worth $290,310. Company insiders own 1.32% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Buckley Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at $160,000. Commonwealth Equity Services LLC raised its stake in Cleveland-Cliffs by 11.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 124,918 shares of the mining company’s stock valued at $1,332,000 after acquiring an additional 13,158 shares during the period. Foundry Partners LLC raised its stake in Cleveland-Cliffs by 11.0% in the 2nd quarter. Foundry Partners LLC now owns 497,751 shares of the mining company’s stock valued at $5,311,000 after acquiring an additional 49,202 shares during the period. NEXT Financial Group Inc raised its stake in Cleveland-Cliffs by 16.9% in the 2nd quarter. NEXT Financial Group Inc now owns 10,261 shares of the mining company’s stock valued at $109,000 after acquiring an additional 1,486 shares during the period. Finally, First Hawaiian Bank bought a new stake in Cleveland-Cliffs in the 2nd quarter valued at $294,000. Institutional investors own 80.50% of the company’s stock.

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 for Cleveland-Cliffs (NYSE:CLF)

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