Cleveland-Cliffs Inc. (NYSE:CLF) Given Average Rating of “Hold” by Analysts

Cleveland-Cliffs Inc. (NYSE:CLF) has been assigned an average rating of “Hold” from the ten ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $12.7250.

A number of brokerages have weighed in on CLF. Glj Research reiterated a “sell” rating and issued a $5.75 target price on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. Bank of America lifted their target price on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a report on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. KeyCorp boosted their price objective on Cleveland-Cliffs from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Monday. Finally, Citigroup boosted their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a report on Monday, July 21st.

Cleveland-Cliffs Trading Up 2.2%

Shares of CLF stock opened at $14.08 on Wednesday. The company has a market cap of $6.96 billion, a P/E ratio of -4.14 and a beta of 1.96. The stock has a 50 day simple moving average of $12.13 and a two-hundred day simple moving average of $9.68. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. Cleveland-Cliffs has a fifty-two week low of $5.63 and a fifty-two week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. The business had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.33) earnings per share. Research analysts forecast that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its holdings in shares of Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after acquiring an additional 4,603,807 shares in the last quarter. Maple Rock Capital Partners Inc. bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $63,731,000. BNP Paribas Financial Markets increased its holdings in shares of Cleveland-Cliffs by 200.4% during the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after acquiring an additional 4,222,528 shares in the last quarter. Norges Bank bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $44,120,000. Finally, Turiya Advisors Asia Ltd bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $39,357,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

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.