StockNews.com began coverage on shares of Cleveland-Cliffs (NYSE:CLF – Get Rating) in a report issued on Thursday morning. The firm issued a hold rating on the mining company's stock.
Several other research firms also recently commented on CLF. Bank of America began coverage on Cleveland-Cliffs in a report on Wednesday, January 4th. They set a neutral rating and a $19.00 price objective on the stock. UBS Group began coverage on Cleveland-Cliffs in a report on Friday, December 16th. They issued a neutral rating and a $17.00 price target on the stock. Morgan Stanley upgraded Cleveland-Cliffs from an equal weight rating to an overweight rating and lifted their price target for the company from $13.60 to $26.00 in a report on Wednesday, January 11th. B. Riley cut their price target on Cleveland-Cliffs from $27.00 to $26.00 and set a buy rating on the stock in a report on Wednesday, February 15th. Finally, BNP Paribas upgraded Cleveland-Cliffs from an underperform rating to a neutral rating and set a $21.00 price target on the stock in a report on Wednesday, January 25th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of Hold and an average price target of $22.11.
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Cleveland-Cliffs Trading Down 0.5 %
Shares of NYSE CLF traded down $0.09 during midday trading on Thursday, hitting $17.52. The company's stock had a trading volume of 2,051,230 shares, compared to its average volume of 10,409,322. The company has a current ratio of 2.09, a quick ratio of 0.65 and a debt-to-equity ratio of 0.53. The business's 50 day moving average is $20.42 and its two-hundred day moving average is $17.11. Cleveland-Cliffs has a 12-month low of $11.82 and a 12-month high of $34.04. The firm has a market cap of $9.02 billion, a P/E ratio of 7.02 and a beta of 2.25.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last issued its quarterly earnings results on Monday, February 13th. The mining company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.03. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.19 billion. Cleveland-Cliffs had a return on equity of 22.07% and a net margin of 5.81%. The company's revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.78 earnings per share. As a group, equities research analysts expect that Cleveland-Cliffs will post 1.77 EPS for the current year.
Insiders Place Their Bets
In other Cleveland-Cliffs news, Director Douglas C. Taylor sold 42,000 shares of Cleveland-Cliffs stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $21.25, for a total transaction of $892,500.00. Following the completion of the sale, the director now owns 118,469 shares of the company's stock, valued at approximately $2,517,466.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Susan Miranda Green sold 8,700 shares of the business's stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $22.66, for a total value of $197,142.00. Following the completion of the transaction, the director now owns 87,353 shares of the company's stock, valued at approximately $1,979,418.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Douglas C. Taylor sold 42,000 shares of the business's stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $21.25, for a total value of $892,500.00. Following the completion of the transaction, the director now directly owns 118,469 shares of the company's stock, valued at approximately $2,517,466.25. The disclosure for this sale can be found here. 1.43% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Cleveland-Cliffs
Institutional investors and hedge funds have recently modified their holdings of the stock. Creative Planning increased its stake in shares of Cleveland-Cliffs by 15.1% in the 3rd quarter. Creative Planning now owns 97,624 shares of the mining company's stock valued at $1,315,000 after purchasing an additional 12,832 shares in the last quarter. Stratos Wealth Partners LTD. increased its stake in Cleveland-Cliffs by 4.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 116,658 shares of the mining company's stock worth $1,571,000 after buying an additional 4,605 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $11,403,000. Arete Wealth Advisors LLC purchased a new stake in Cleveland-Cliffs during the 3rd quarter worth approximately $243,000. Finally, Rhumbline Advisers increased its stake in Cleveland-Cliffs by 14.9% during the 2nd quarter. Rhumbline Advisers now owns 1,372,607 shares of the mining company's stock worth $21,097,000 after buying an additional 177,670 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.
About Cleveland-Cliffs
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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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