ValuEngine Upgrades Cleveland-Cliffs (NYSE:CLF) to Sell

ValuEngine upgraded shares of Cleveland-Cliffs (NYSE:CLF) from a strong sell rating to a sell rating in a report issued on Monday, ValuEngine reports.

A number of other equities research analysts have also recently issued reports on the stock. Cowen set a $10.00 target price on shares of Cleveland-Cliffs and gave the company a hold rating in a report on Thursday, August 22nd. Credit Suisse Group lowered their target price on shares of Cleveland-Cliffs from $14.00 to $12.00 and set an outperform rating on the stock in a report on Wednesday, September 11th. Finally, Citigroup lowered their target price on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a buy rating on the stock in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Cleveland-Cliffs currently has a consensus rating of Hold and a consensus price target of $11.56.

NYSE:CLF opened at $7.96 on Monday. The company has a current ratio of 2.56, a quick ratio of 1.81 and a debt-to-equity ratio of 7.37. The stock has a market capitalization of $2.25 billion, a PE ratio of 3.74 and a beta of 2.15. The firm’s 50 day moving average is $8.24 and its 200 day moving average is $9.60. Cleveland-Cliffs has a 12 month low of $6.64 and a 12 month high of $13.10.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Friday, July 19th. The mining company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.11. Cleveland-Cliffs had a net margin of 50.72% and a return on equity of 238.16%. The company had revenue of $697.40 million for the quarter, compared to analysts’ expectations of $624.23 million. During the same quarter in the previous year, the firm posted $0.55 EPS. Cleveland-Cliffs’s revenue was up 3.8% on a year-over-year basis. Research analysts predict that Cleveland-Cliffs will post 1.7 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, October 4th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.24 dividend on an annualized basis and a yield of 3.02%. Cleveland-Cliffs’s payout ratio is 11.27%.

In other news, Director John T. Baldwin purchased 9,000 shares of Cleveland-Cliffs stock in a transaction dated Thursday, September 5th. The stock was purchased at an average cost of $7.27 per share, for a total transaction of $65,430.00. Following the transaction, the director now directly owns 123,727 shares of the company’s stock, valued at $899,495.29. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Keith Koci purchased 30,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average price of $8.39 per share, with a total value of $251,700.00. Following the completion of the transaction, the chief financial officer now directly owns 74,349 shares in the company, valued at $623,788.11. The disclosure for this purchase can be found here. Insiders have acquired a total of 67,500 shares of company stock worth $551,320 in the last three months. Insiders own 1.32% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLF. Hodges Capital Management Inc. grew its position in Cleveland-Cliffs by 31.4% in the second quarter. Hodges Capital Management Inc. now owns 2,363,545 shares of the mining company’s stock worth $25,219,000 after acquiring an additional 565,405 shares in the last quarter. First Dallas Securities Inc. grew its position in Cleveland-Cliffs by 17.5% in the second quarter. First Dallas Securities Inc. now owns 67,569 shares of the mining company’s stock worth $721,000 after acquiring an additional 10,057 shares in the last quarter. Griffin Asset Management Inc. grew its position in Cleveland-Cliffs by 2.0% in the second quarter. Griffin Asset Management Inc. now owns 237,235 shares of the mining company’s stock worth $2,531,000 after acquiring an additional 4,761 shares in the last quarter. United Services Automobile Association grew its position in Cleveland-Cliffs by 36.9% in the second quarter. United Services Automobile Association now owns 502,030 shares of the mining company’s stock worth $5,357,000 after acquiring an additional 135,247 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC grew its position in Cleveland-Cliffs by 34.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 144,800 shares of the mining company’s stock worth $1,545,000 after acquiring an additional 36,700 shares in the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.

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. 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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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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