Cleveland-Cliffs (NYSE:CLF) Posts Earnings Results
Cleveland-Cliffs (NYSE:CLF) announced its quarterly earnings results on Thursday. The mining company reported ($0.31) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.51) by $0.20, MarketWatch Earnings reports. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.07 billion. Cleveland-Cliffs had a negative net margin of 0.86% and a positive return on equity of 6.53%.
CLF stock traded down $0.49 on Friday, hitting $5.18. The company had a trading volume of 14,832,507 shares, compared to its average volume of 9,862,696. Cleveland-Cliffs has a 12-month low of $2.63 and a 12-month high of $11.28. The company has a current ratio of 2.55, a quick ratio of 0.67 and a debt-to-equity ratio of 3.98. The stock’s 50-day simple moving average is $5.69 and its 200 day simple moving average is $5.51. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 74.00 and a beta of 1.95.
CLF has been the subject of several analyst reports. ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Credit Suisse Group initiated coverage on shares of Cleveland-Cliffs in a research report on Wednesday, April 15th. They set a “neutral” rating for the company. Finally, B. Riley reissued a “buy” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 7th. Seven investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $8.83.
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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