Jefferies Financial Group Comments on Cleveland-Cliffs Inc’s FY2019 Earnings (CLF)

Cleveland-Cliffs Inc (NYSE:CLF) – Jefferies Financial Group lifted their FY2019 EPS estimates for Cleveland-Cliffs in a research report issued on Monday, October 15th. Jefferies Financial Group analyst S. Rosenfeld now anticipates that the mining company will earn $1.84 per share for the year, up from their previous estimate of $1.58. Jefferies Financial Group has a “Buy” rating and a $13.00 price target on the stock.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Friday, July 20th. The mining company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.20. Cleveland-Cliffs had a net margin of 20.07% and a negative return on equity of 76.39%. The firm had revenue of $714.00 million for the quarter, compared to analysts’ expectations of $653.75 million. During the same period in the previous year, the company posted $0.26 EPS. The company’s quarterly revenue was up 51.6% compared to the same quarter last year.

Several other equities analysts have also recently commented on the stock. Credit Suisse Group restated a “neutral” rating and set a $13.00 price target on shares of Cleveland-Cliffs in a report on Monday. Zacks Investment Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Tuesday, October 9th. Citigroup boosted their price target on shares of Cleveland-Cliffs from $12.00 to $15.00 and gave the company a “buy” rating in a report on Friday, October 5th. B. Riley set a $15.00 price target on shares of Cleveland-Cliffs and gave the company a “buy” rating in a report on Wednesday, September 26th. Finally, ValuEngine upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $11.75.

Cleveland-Cliffs stock opened at $11.84 on Wednesday. The company has a debt-to-equity ratio of -7.50, a quick ratio of 2.72 and a current ratio of 3.26. Cleveland-Cliffs has a 12 month low of $5.60 and a 12 month high of $13.10. The firm has a market cap of $3.77 billion, a PE ratio of 23.68 and a beta of 1.70.

Institutional investors have recently bought and sold shares of the company. Xact Kapitalforvaltning AB boosted its holdings in Cleveland-Cliffs by 29.9% in the first quarter. Xact Kapitalforvaltning AB now owns 38,689 shares of the mining company’s stock worth $269,000 after purchasing an additional 8,900 shares in the last quarter. Trexquant Investment LP bought a new stake in Cleveland-Cliffs in the second quarter worth $131,000. HRT Financial LLC bought a new stake in Cleveland-Cliffs in the second quarter worth $196,000. Advisors Preferred LLC boosted its holdings in Cleveland-Cliffs by 425.5% in the second quarter. Advisors Preferred LLC now owns 20,642 shares of the mining company’s stock worth $174,000 after purchasing an additional 16,714 shares in the last quarter. Finally, IndexIQ Advisors LLC boosted its holdings in Cleveland-Cliffs by 39.6% in the second quarter. IndexIQ Advisors LLC now owns 22,491 shares of the mining company’s stock worth $190,000 after purchasing an additional 6,383 shares in the last quarter. Institutional investors and hedge funds own 67.56% 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; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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Earnings History and Estimates for Cleveland-Cliffs (NYSE:CLF)

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