Cleveland-Cliffs Inc (NYSE:CLF) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 52,512,433 shares, a drop of 7.6% from the February 15th total of 56,826,079 shares. Based on an average trading volume of 8,696,319 shares, the short-interest ratio is presently 6.0 days. Approximately 18.3% of the shares of the company are sold short.
A number of equities analysts recently weighed in on CLF shares. B. Riley set a $14.00 price objective on shares of Cleveland-Cliffs and gave the company a “buy” rating in a research report on Thursday, December 13th. Cowen started coverage on shares of Cleveland-Cliffs in a research report on Tuesday, January 8th. They issued a “market perform” rating and a $8.50 price objective on the stock. Zacks Investment Research lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Monday, December 10th. Morgan Stanley set a $12.00 price objective on shares of Cleveland-Cliffs and gave the company a “hold” rating in a research report on Tuesday, March 5th. Finally, ValuEngine upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $12.06.
NYSE:CLF opened at $10.30 on Tuesday. Cleveland-Cliffs has a 1-year low of $6.40 and a 1-year high of $13.10. The company has a debt-to-equity ratio of 4.93, a quick ratio of 2.77 and a current ratio of 3.16. The firm has a market capitalization of $2.89 billion, a P/E ratio of 4.84 and a beta of 1.84.
Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Friday, February 8th. The mining company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The business had revenue of $696.30 million during the quarter, compared to analyst estimates of $721.52 million. During the same period last year, the business posted $1.07 EPS. Cleveland-Cliffs’s revenue was up 36.0% compared to the same quarter last year. Analysts forecast that Cleveland-Cliffs will post 1.6 earnings per share for the current fiscal year.
Cleveland-Cliffs announced that its board has approved a share repurchase plan on Monday, November 26th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the mining company to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Thursday, April 4th. Cleveland-Cliffs’s dividend payout ratio (DPR) is currently 9.39%.
In other news, Director Susan Miranda Green sold 12,700 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $10.06, for a total transaction of $127,762.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith Koci bought 9,000 shares of the stock in a transaction dated Wednesday, February 27th. The shares were acquired at an average price of $11.52 per share, for a total transaction of $103,680.00. Following the completion of the transaction, the chief financial officer now owns 39,349 shares of the company’s stock, valued at approximately $453,300.48. The disclosure for this purchase can be found here. Company insiders own 0.89% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its holdings in Cleveland-Cliffs by 40.5% in the fourth quarter. Rhumbline Advisers now owns 438,529 shares of the mining company’s stock valued at $3,372,000 after acquiring an additional 126,374 shares during the period. Alpha Windward LLC acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at $372,000. MetLife Investment Advisors LLC acquired a new stake in Cleveland-Cliffs in the third quarter valued at $2,636,000. Panagora Asset Management Inc. lifted its holdings in Cleveland-Cliffs by 346.0% in the third quarter. Panagora Asset Management Inc. now owns 16,501 shares of the mining company’s stock valued at $209,000 after acquiring an additional 12,801 shares during the period. Finally, D.A. Davidson & CO. lifted its holdings in Cleveland-Cliffs by 26.6% in the fourth quarter. D.A. Davidson & CO. now owns 32,959 shares of the mining company’s stock valued at $253,000 after acquiring an additional 6,925 shares during the period. 72.88% of the stock is owned by institutional investors.
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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. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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