|Bid||24.91 x 1300|
|Ask||25.04 x 3200|
|Day's range||24.27 - 25.53|
|52-week range||5.20 - 25.83|
|Beta (5Y monthly)||2.30|
|PE ratio (TTM)||14.33|
|Earnings date||21 Oct 2021 - 25 Oct 2021|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||02 Apr 2020|
|1y target est||26.42|
Shares of iron ore mining company and steelmaker Cleveland-Cliffs (NYSE: CLF) closed 5.5% higher on Thursday, buoyed by news that it has bought back from ArcelorMittal (NYSE: MT) all of its Series B Participating Redeemable Preferred Stock. Management described the buyback as "a no-brainer," saying it was "highly accretive" for Cleveland-Cliffs shareholders, in that it will concentrate profits among fewer shares outstanding, shrinking the company's diluted share count by 10% "on a pro forma basis." Now, because Cleveland-Cliffs just finished reporting second-quarter earnings last week, it will be another several months before shareholders see the benefit of this transaction in dollars and cents.
CLEVELAND, July 28, 2021--Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has completed the redemption of the entirety of its outstanding Series B Participating Redeemable Preferred Stock held by an affiliate of ArcelorMittal S.A. for approximately $1.2 billion, or $21.18 per common share for the equivalent of approximately 58 million common shares. The redemption was completed with existing liquidity. The elimination of the preferred shares from Cleveland-Cliffs’ capital structure red
Cleveland-Cliffs (CLF) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.