Cleveland-Cliffs (CLF) Downgraded to “Sell” at ValuEngine

ValuEngine lowered shares of Cleveland-Cliffs (NYSE:CLF) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

CLF has been the subject of a number of other research reports. Zacks Investment Research raised shares of Cleveland-Cliffs from a hold rating to a buy rating and set a $14.00 target price for the company in a research note on Tuesday, October 9th. Credit Suisse Group reissued a neutral rating and set a $13.00 target price on shares of Cleveland-Cliffs in a research note on Monday, October 15th. Morgan Stanley set a $11.00 price objective on shares of Cleveland-Cliffs and gave the company a hold rating in a research note on Tuesday, October 23rd. Citigroup lifted their price objective 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. Finally, Seaport Global Securities set a $13.00 price objective on shares of Cleveland-Cliffs and gave the company a buy rating in a research note on Monday, July 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $11.55.

Shares of NYSE:CLF traded up $0.38 during trading on Thursday, reaching $11.11. 2,392,508 shares of the company traded hands, compared to its average volume of 10,733,332. The firm has a market capitalization of $3.20 billion, a P/E ratio of 22.22 and a beta of 1.63. Cleveland-Cliffs has a 1-year low of $5.60 and a 1-year high of $13.10.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). The company had revenue of $742.00 million for the quarter, compared to analyst estimates of $736.06 million. Cleveland-Cliffs had a net margin of 36.43% and a negative return on equity of 146.72%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the business earned $0.36 EPS. Sell-side analysts expect that Cleveland-Cliffs will post 2.03 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Friday, January 4th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Thursday, January 3rd. Cleveland-Cliffs’s payout ratio is presently 40.00%.

Hedge funds have recently added to or reduced their stakes in the stock. NEXT Financial Group Inc acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $122,000. Edge Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $127,000. Summit X LLC acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $152,000. Tower Research Capital LLC TRC lifted its stake in shares of Cleveland-Cliffs by 1,248.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,999 shares of the mining company’s stock valued at $101,000 after purchasing an additional 11,109 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in Cleveland-Cliffs in the 2nd quarter worth $131,000. 71.48% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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