Cleveland-Cliffs (NYSE:CLF) Stock Rating Upgraded by Glj Research

Cleveland-Cliffs (NYSE:CLF) was upgraded by stock analysts at Glj Research from a “sell” rating to a “buy” rating in a report released on Tuesday,Benzinga reports. The brokerage presently has a $14.27 price objective on the mining company’s stock. Glj Research’s price target would indicate a potential upside of 44.43% from the stock’s current price.

A number of other brokerages have also commented on CLF. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley decreased their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Finally, Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $16.93.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $9.88 on Tuesday. Cleveland-Cliffs has a one year low of $8.99 and a one year high of $22.97. The firm has a market capitalization of $4.88 billion, a price-to-earnings ratio of -10.19 and a beta of 1.97. The business has a 50-day simple moving average of $11.37 and a 200 day simple moving average of $12.81. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s quarterly revenue was down 18.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share. On average, research analysts anticipate that Cleveland-Cliffs will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors have recently bought and sold shares of CLF. Dimensional Fund Advisors LP lifted its stake in Cleveland-Cliffs by 54.7% in the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Cleveland-Cliffs by 13.7% in the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. Barclays PLC lifted its stake in Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after acquiring an additional 2,027,757 shares in the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth $22,122,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.