Cleveland-Cliffs (NYSE:CLF) Upgraded by Seaport Res Ptn to Hold
Cleveland-Cliffs (NYSE:CLF – Get Free Report) was upgraded by Seaport Res Ptn to a “hold” rating in a report issued on Tuesday, Zacks reports. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.04 EPS, FY2024 earnings at $0.43 EPS and Q2 2025 earnings at $0.27 EPS. A number of other research […] Cleveland-Cliffs (NYSE:CLF) was upgraded by Seaport Res Ptn to a “hold” rating in a report issued on Tuesday. The company also issued estimates for Q2 2024 earnings at $0.04 EPS, FY2024 earnings at ($0.43 EPS), and Q2 2025 earnings at$0.27 EPS. Other research analysts have also commented on the company. StockNews.com lowered Cleveland-Cliff from a "buy" rating to a "hold" rating on Friday, April 26th. The mining company's quarterly earnings results were disappointing, with $5.20 billion for the quarter, compared to the consensus estimate of $500.34 billion. In other news, CEO Lourenco Goncalves acquired 60,000 shares of Cleveland-CLiffs stock in a transaction that took place on Wednesday, May 1st.
Pubblicato : 10 mesi fa di Defense World Staff in Finance
Cleveland-Cliffs (NYSE:CLF – Get Free Report) was upgraded by Seaport Res Ptn to a “hold” rating in a report issued on Tuesday, Zacks.com reports. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.04 EPS, FY2024 earnings at $0.43 EPS and Q2 2025 earnings at $0.27 EPS.
A number of other research analysts have also commented on the company. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a report on Wednesday, February 28th. Wolfe Research restated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research note on Wednesday, March 13th. Finally, Morgan Stanley decreased their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $19.79.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.11) EPS. On average, research analysts forecast that Cleveland-Cliffs will post 0.95 EPS for the current fiscal year.
Cleveland-Cliffs declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the mining company to repurchase up to 17.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
In other news, CEO Lourenco Goncalves acquired 60,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were bought at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the acquisition, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cleveland-Cliffs news, CEO Lourenco Goncalves acquired 60,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, May 1st. The stock was bought at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the acquisition, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ron A. Bloom bought 25,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $425,000.00. Following the purchase, the director now owns 59,900 shares of the company’s stock, valued at $1,018,300. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CLF. Norges Bank bought a new stake in Cleveland-Cliffs in the fourth quarter valued at $117,585,000. Peconic Partners LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $42,370,000. AQR Capital Management LLC increased its position in shares of Cleveland-Cliffs by 154.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after purchasing an additional 1,568,961 shares in the last quarter. Ninety One UK Ltd acquired a new position in Cleveland-Cliffs in the fourth quarter valued at about $27,928,000. Finally, International Assets Investment Management LLC raised its stake in shares of Cleveland-Cliffs by 1,627.6% in the fourth quarter. International Assets Investment Management LLC now owns 1,431,769 shares of the mining company’s stock valued at $29,237,000 after acquiring an additional 1,348,893 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.
Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. 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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