Jefferies Group Weighs in on Cleveland-Cliffs Inc’s FY2019 Earnings (NYSE:CLF)

Cleveland-Cliffs Inc (NYSE:CLF) – Equities researchers at Jefferies Group issued their FY2019 EPS estimates for shares of Cleveland-Cliffs in a research note issued on Tuesday, according to Zacks Investment Research. Jefferies Group analyst S. Rosenfeld forecasts that the mining company will post earnings of $0.98 per share for the year.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, January 25th. The mining company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.11. Cleveland-Cliffs had a net margin of 16.09% and a negative return on equity of 35.92%. The firm had revenue of $600.90 million during the quarter, compared to the consensus estimate of $612.50 million. During the same period last year, the firm posted $0.42 EPS. The firm’s revenue for the quarter was down 20.3% on a year-over-year basis.

Several other equities research analysts have also recently issued reports on CLF. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Wednesday, November 1st. ValuEngine cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday. Cowen reaffirmed a “market perform” rating and set a $9.00 price target (up from $7.00) on shares of Cleveland-Cliffs in a research note on Friday, January 26th. Zacks Investment Research cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, Vertical Group assumed coverage on shares of Cleveland-Cliffs in a research note on Friday, January 19th. They set a “sell” rating on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $9.63.

Cleveland-Cliffs (CLF) traded down $0.32 during trading on Wednesday, hitting $6.48. 20,090,591 shares of the company’s stock traded hands, compared to its average volume of 15,720,000. Cleveland-Cliffs has a one year low of $5.56 and a one year high of $12.37. The firm has a market cap of $1,920.00, a PE ratio of 4.98 and a beta of 1.58. The company has a debt-to-equity ratio of -5.28, a current ratio of 3.42 and a quick ratio of 2.80.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLF. Vanguard Group Inc. boosted its position in shares of Cleveland-Cliffs by 24.7% in the second quarter. Vanguard Group Inc. now owns 31,963,836 shares of the mining company’s stock worth $221,190,000 after acquiring an additional 6,321,205 shares during the last quarter. Balyasny Asset Management LLC boosted its position in shares of Cleveland-Cliffs by 6,863.0% in the second quarter. Balyasny Asset Management LLC now owns 2,824,243 shares of the mining company’s stock worth $19,544,000 after acquiring an additional 2,783,682 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Cleveland-Cliffs by 20.1% in the second quarter. Dimensional Fund Advisors LP now owns 6,297,769 shares of the mining company’s stock worth $43,581,000 after acquiring an additional 1,056,056 shares during the last quarter. Northern Trust Corp boosted its position in shares of Cleveland-Cliffs by 16.8% in the second quarter. Northern Trust Corp now owns 4,977,719 shares of the mining company’s stock worth $34,446,000 after acquiring an additional 717,021 shares during the last quarter. Finally, APG Asset Management N.V. acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth approximately $4,002,000. 56.98% of the stock is currently owned by institutional investors and hedge funds.

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About Cleveland-Cliffs

Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.

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