Zacks Investment Research upgraded shares of Cleveland-Cliffs (NYSE:CLF) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $14.00 target price on the mining company’s stock.
According to Zacks, “Cleveland-Cliffs has outperformed the industry it belongs to over the past three months. The company remains focused on de-leveraging its balance sheet. The company’s efforts to cut debt should lead to a reduction in its interest expense. Moreover, strong demand for iron ore pellets is likely to lend support to its earnings. The company should also gain from major supply deals and higher steel demand in the United States.”
A number of other research firms have also recently issued reports on CLF. B. Riley set a $15.00 price target on shares of Cleveland-Cliffs and gave the company a buy rating in a research note on Wednesday, September 26th. Citigroup lifted their price target on shares of Cleveland-Cliffs from $12.00 to $15.00 and gave the company a buy rating in a research note on Friday, October 5th. ValuEngine raised shares of Cleveland-Cliffs from a sell rating to a hold rating in a research note on Wednesday, September 12th. Seaport Global Securities set a $13.00 price target on shares of Cleveland-Cliffs and gave the company a buy rating in a research note on Monday, July 23rd. Finally, Morgan Stanley lifted their price target on shares of Cleveland-Cliffs from $8.00 to $10.00 and gave the company an equal weight rating in a research note on Friday, July 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. Cleveland-Cliffs presently has an average rating of Buy and a consensus target price of $11.64.
Cleveland-Cliffs stock opened at $12.01 on Tuesday. Cleveland-Cliffs has a 1 year low of $5.60 and a 1 year high of $13.10. The firm has a market capitalization of $3.77 billion, a P/E ratio of 24.02 and a beta of 1.70. The company has a debt-to-equity ratio of -7.50, a quick ratio of 2.72 and a current ratio of 3.26.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Friday, July 20th. The mining company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.20. Cleveland-Cliffs had a net margin of 20.07% and a negative return on equity of 76.39%. The firm had revenue of $714.00 million for the quarter, compared to analysts’ expectations of $653.75 million. During the same quarter last year, the company earned $0.26 EPS. The firm’s revenue for the quarter was up 51.6% compared to the same quarter last year. As a group, analysts forecast that Cleveland-Cliffs will post 2.07 EPS for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the business. NEXT Financial Group Inc acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth $122,000. Tower Research Capital LLC TRC boosted its stake in Cleveland-Cliffs by 1,248.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,999 shares of the mining company’s stock worth $101,000 after purchasing an additional 11,109 shares during the last quarter. Trexquant Investment LP acquired a new stake in Cleveland-Cliffs during the 2nd quarter worth $131,000. Baird Financial Group Inc. boosted its stake in Cleveland-Cliffs by 67.3% during the 2nd quarter. Baird Financial Group Inc. now owns 18,643 shares of the mining company’s stock worth $157,000 after purchasing an additional 7,500 shares during the last quarter. Finally, Moors & Cabot Inc. boosted its stake in Cleveland-Cliffs by 74.9% during the 1st quarter. Moors & Cabot Inc. now owns 18,795 shares of the mining company’s stock worth $131,000 after purchasing an additional 8,050 shares during the last quarter. 67.56% of the stock is currently owned by institutional investors.
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.
Featured Article: Google Finance Portfolio
Get a free copy of the Zacks research report on Cleveland-Cliffs (CLF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.