Cleveland-Cliffs (NYSE:CLF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has a $6.75 price objective on the mining company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.13% from the stock’s previous close.
According to Zacks, “Annual earnings estimates for Cleveland-Cliffs have moved up over the past month. The company is likely to gain from its merger with AK Steel that is expected to offer considerable operational synergies and boost shareholder’s value. Moreover, the addition of its HBI plant is expected to create new demand for the company and support its margins. Further, the Mining and Pelletizing unit is gaining from low-cost, high-quality, iron ore pellet production with substantial logistics and transportation advantages. However, Cleveland-Cliffs is exposed to headwinds from lower steel pricing, which is exerting pressure on realized revenues and margins. The benchmark hot-rolled coil steel prices also remain under pressure. Moreover, the company has underperformed the industry it belongs to in the past year.”
Other equities analysts have also issued reports about the stock. Credit Suisse Group raised their target price on shares of Cleveland-Cliffs from $4.75 to $5.25 and gave the stock a “neutral” rating in a research report on Wednesday, September 16th. ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Seven investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $7.78.
Shares of NYSE:CLF traded down $0.17 during trading on Tuesday, reaching $6.02. 135,458 shares of the company were exchanged, compared to its average volume of 11,671,422. The firm has a market capitalization of $2.47 billion, a PE ratio of 86.00 and a beta of 2.43. The business’s fifty day simple moving average is $6.23 and its 200-day simple moving average is $5.23. Cleveland-Cliffs has a 12-month low of $2.63 and a 12-month high of $9.02. The company has a debt-to-equity ratio of 3.98, a current ratio of 2.55 and a quick ratio of 0.68.
Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Thursday, July 30th. The mining company reported ($0.31) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.20. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.07 billion. Cleveland-Cliffs had a negative net margin of 0.86% and a positive return on equity of 6.53%. On average, sell-side analysts anticipate that Cleveland-Cliffs will post -0.59 EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of CLF. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cleveland-Cliffs by 15.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 43,421 shares of the mining company’s stock valued at $240,000 after buying an additional 5,765 shares in the last quarter. Swiss National Bank lifted its stake in shares of Cleveland-Cliffs by 48.8% during the first quarter. Swiss National Bank now owns 769,240 shares of the mining company’s stock worth $3,038,000 after buying an additional 252,340 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Cleveland-Cliffs by 24.9% during the first quarter. Principal Financial Group Inc. now owns 4,429,131 shares of the mining company’s stock worth $17,495,000 after buying an additional 884,175 shares during the period. Public Employees Retirement Association of Colorado lifted its stake in shares of Cleveland-Cliffs by 118.0% during the first quarter. Public Employees Retirement Association of Colorado now owns 82,496 shares of the mining company’s stock worth $326,000 after buying an additional 44,658 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth $41,000. 67.48% of the stock is currently owned by institutional investors.
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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