Wall Street analysts expect Cleveland-Cliffs Inc (NYSE:CLF) to report $565.37 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Cleveland-Cliffs’ earnings, with estimates ranging from $464.00 million to $660.80 million. Cleveland-Cliffs posted sales of $741.80 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 23.8%. The firm is scheduled to report its next quarterly earnings results before the market opens on Wednesday, October 23rd.
On average, analysts expect that Cleveland-Cliffs will report full-year sales of $2.13 billion for the current fiscal year, with estimates ranging from $1.93 billion to $2.28 billion. For the next year, analysts expect that the company will report sales of $2.16 billion, with estimates ranging from $2.02 billion to $2.32 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Cleveland-Cliffs.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, July 19th. The mining company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.11. The company had revenue of $697.40 million during the quarter, compared to analysts’ expectations of $624.23 million. Cleveland-Cliffs had a net margin of 50.72% and a return on equity of 238.16%. Cleveland-Cliffs’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.55 earnings per share.
In other news, CFO Keith Koci bought 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average cost of $8.39 per share, for a total transaction of $251,700.00. Following the acquisition, the chief financial officer now directly owns 74,349 shares in the company, valued at $623,788.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Baldwin bought 9,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was purchased at an average price of $7.27 per share, for a total transaction of $65,430.00. Following the completion of the acquisition, the director now owns 123,727 shares in the company, valued at $899,495.29. The disclosure for this purchase can be found here. Insiders have acquired a total of 67,500 shares of company stock worth $551,320 over the last 90 days. Company insiders own 1.32% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. NEXT Financial Group Inc lifted its stake in Cleveland-Cliffs by 16.9% during 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Cleveland-Cliffs by 1.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 154,015 shares of the mining company’s stock valued at $1,643,000 after acquiring an additional 1,853 shares in the last quarter. Advisory Services Network LLC lifted its stake in Cleveland-Cliffs by 11.3% during the 2nd quarter. Advisory Services Network LLC now owns 22,980 shares of the mining company’s stock valued at $245,000 after acquiring an additional 2,326 shares in the last quarter. Captrust Financial Advisors bought a new position in Cleveland-Cliffs during the 2nd quarter valued at $28,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cleveland-Cliffs by 17.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,460 shares of the mining company’s stock valued at $133,000 after acquiring an additional 2,764 shares in the last quarter. Institutional investors own 81.88% of the company’s stock.
NYSE:CLF traded down $0.09 on Thursday, reaching $6.92. 9,452,880 shares of the stock traded hands, compared to its average volume of 15,954,011. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 3.25 and a beta of 2.04. Cleveland-Cliffs has a 1-year low of $6.64 and a 1-year high of $12.26. The company’s 50 day moving average is $7.56 and its 200-day moving average is $9.23. 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, October 4th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Thursday, October 3rd. Cleveland-Cliffs’s payout ratio is 11.27%.
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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