Cleveland-Cliffs Inc (NYSE:CLF) has been given an average recommendation of “Hold” by the eighteen ratings firms that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $9.80.
CLF has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $9.75 price target on the stock in a research note on Tuesday, June 19th. Citigroup began coverage on Cleveland-Cliffs in a report on Wednesday, June 6th. They set a “buy” rating and a $11.00 price objective for the company. ValuEngine raised Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Seaport Global Securities began coverage on Cleveland-Cliffs in a report on Wednesday, May 9th. They set a “buy” rating and a $10.00 price objective for the company. Finally, B. Riley reissued a “buy” rating and set a $12.00 price objective (up from $11.00) on shares of Cleveland-Cliffs in a report on Friday, March 2nd.
Cleveland-Cliffs traded up $0.40, hitting $9.00, during midday trading on Tuesday, Marketbeat Ratings reports. 14,293,680 shares of the company traded hands, compared to its average volume of 7,144,947. Cleveland-Cliffs has a twelve month low of $5.60 and a twelve month high of $9.15. The company has a quick ratio of 2.37, a current ratio of 3.32 and a debt-to-equity ratio of -4.76. The company has a market cap of $2.56 billion, a PE ratio of 18.00 and a beta of 1.67.
Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Friday, April 20th. The mining company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.13. The company had revenue of $239.00 million for the quarter, compared to the consensus estimate of $177.93 million. Cleveland-Cliffs had a negative return on equity of 40.15% and a net margin of 15.12%. The company’s revenue for the quarter was down 48.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 earnings per share. equities analysts expect that Cleveland-Cliffs will post 1.59 EPS for the current fiscal year.
In other Cleveland-Cliffs news, Director Eric M. Rychel purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, April 27th. The stock was acquired at an average cost of $7.48 per share, with a total value of $37,400.00. Following the completion of the acquisition, the director now directly owns 19,845 shares of the company’s stock, valued at approximately $148,440.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.89% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its holdings in Cleveland-Cliffs by 719.1% during the 1st quarter. Millennium Management LLC now owns 8,333,410 shares of the mining company’s stock worth $57,917,000 after purchasing an additional 7,315,995 shares during the last quarter. Key Square Capital Management LLC bought a new stake in Cleveland-Cliffs during the 1st quarter worth about $15,210,000. Hodges Capital Management Inc. raised its holdings in Cleveland-Cliffs by 886.8% during the 1st quarter. Hodges Capital Management Inc. now owns 1,636,950 shares of the mining company’s stock worth $11,377,000 after purchasing an additional 1,471,065 shares during the last quarter. Royal Bank of Canada raised its holdings in Cleveland-Cliffs by 1,740.3% during the 1st quarter. Royal Bank of Canada now owns 1,195,340 shares of the mining company’s stock worth $8,308,000 after purchasing an additional 1,130,385 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Cleveland-Cliffs by 4.0% during the 4th quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock worth $145,592,000 after purchasing an additional 774,210 shares during the last quarter. 65.01% of the stock is owned by institutional investors and hedge funds.
Cleveland-Cliffs Company Profile
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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