Cleveland-Cliffs (NYSE:CLF) Trading 7.8% Higher – Time to Buy?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price traded up 7.8% during mid-day trading on Wednesday . The company traded as high as $12.71 and last traded at $12.9170. 6,162,894 shares were traded during mid-day trading, a decline of 65% from the average session volume of 17,683,854 shares. The stock had previously closed at $11.98.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. KeyCorp started coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Barclays started coverage on Cleveland-Cliffs in a research note on Thursday, May 21st. They set an “underweight” rating and a $9.00 price target for the company. Wall Street Zen upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Wells Fargo & Company cut their price target on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday, March 19th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $11.49.

Cleveland-Cliffs Price Performance

The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The company has a market cap of $7.90 billion, a P/E ratio of -5.92 and a beta of 2.00. The firm has a 50 day moving average price of $9.77 and a two-hundred day moving average price of $11.37.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. The business had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.92) EPS. On average, analysts predict that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently added to or reduced their stakes in CLF. Strengthening Families & Communities LLC raised its holdings in shares of Cleveland-Cliffs by 4,315.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,942 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $25,000. Center for Financial Planning Inc. raised its holdings in shares of Cleveland-Cliffs by 119.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after acquiring an additional 1,805 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,214 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.