Cleveland-Cliffs Inc (CLF) Given Average Recommendation of “Hold” by Brokerages

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.

Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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