'You're an embarassment': Mining CEO blows his top at analysts

'You're an embarassment': Mining CEO blows his top at analysts

Iron ore miner Cleveland Cliffs Inc Chief Executive Officer Lourenco Goncalves went on a rant against financial analysts on a quarterly earnings conference call on Friday, saying some analysts could not "read numbers". Public Employees Retirement System of OH owned approximately 0.06% of Cleveland-Cliffs as of its most recent filing with the SEC. The lowest EPS estimate is $0.61 and the highest is $0.69. During the same quarter past year, the firm posted $0.36 earnings per share. "The reason why the number of our shares diluted increased is because our stock price appreciated so much that the right way to account for the convertible is the way we did". Zacks Investment Research upgraded shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and set a $13.00 target price on the stock in a report on Wednesday, September 19th.

The criticism of Korn was surprising to some, since Korn also said he expects the stock to "outperform" in light of the Cleveland-Cliffs newly announced dividend.

The iron-ore mining company said that excluding discontinued operations it earned 64 USA cents per share in the third quarter.

The company's third-quarter adjusted EBITDA - earnings before interest, tax, depreciation and amortization - was $250 million, up 66 percent over previous year. During the same quarter in the prior year, the business earned $0.26 EPS. The firm's revenue was up 51.6% on a year-over-year basis. Jefferies Financial Group now has a "Buy" rating and a $13.00 target price on the stock. Credit Suisse Group restated a "neutral" rating and issued a $13.00 price target on shares of Cleveland-Cliffs in a research note on Monday. Morgan Stanley lifted their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an equal weight rating in a report on Friday, June 29th. ValuEngine downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, August 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company's stock.

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The rant earned Goncalves an invitation to appear later on CNBC, but Cleveland-Cliffs shares sank almost 8 percent in afternoon trading. The company has a current ratio of 3.26, a quick ratio of 2.72 and a debt-to-equity ratio of -7.50. "We at Cleveland-Cliffs were ahead of the curve on identifying the trend, and will continue to center and expand our proven strategy around this premise". The stock has a market capitalization of $3.53 billion, a P/E ratio of 21.50 and a beta of 1.71.

Several institutional investors and hedge funds have recently modified their holdings of the company. NJ State Employees Deferred Compensation Plan acquired a new stake in Cleveland-Cliffs in the 3rd quarter worth about $481,000. Northern Trust Corp boosted its stake in shares of Cleveland-Cliffs by 0.4% in the 1st quarter. The company initiated a 20-cent per share quarterly dividend. NEXT Financial Group Inc acquired a new position in shares of Cleveland-Cliffs during the third quarter valued at approximately $122,000. Millennium Management LLC boosted its stake in shares of Cleveland-Cliffs by 719.1% in the 1st quarter. Ipswich Investment Management Co. Dimensional Fund Advisors LP now owns 6,499,915 shares of the mining company's stock worth $45,174,000 after purchasing an additional 129,044 shares in the last quarter.

Cleveland-Cliffs Inc. reported its third-quarter results Friday morning for the period that ended September 30, 2018.

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