Zacks Investment Research upgraded shares of Cleveland-Cliffs (NYSE:CLF) from a hold rating to a buy rating in a research note published on Thursday. They currently have $8.75 target price on the mining company’s stock.
According to Zacks, “Cleveland-Cliffs remains focused on de-leveraging its balance sheet. It should also gain from major supply deals and an expected rise in steel demand in the United States. The company is also expected to benefit from its pellet supply contracts with its U.S. iron ore customers which will help it to mitigate the impact of fluctuation in seaborne iron ore pricing.”
Other analysts also recently issued research reports about the stock. B. Riley set a $10.00 price objective on shares of Cleveland-Cliffs and gave the stock a buy rating in a report on Friday, November 17th. FBR & Co reissued a buy rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a report on Friday, October 20th. Jefferies Group reissued a buy rating on shares of Cleveland-Cliffs in a report on Monday, September 18th. ValuEngine downgraded shares of Cleveland-Cliffs from a buy rating to a hold rating in a report on Sunday, December 31st. Finally, KeyCorp reissued a hold rating on shares of Cleveland-Cliffs in a report on Friday, November 24th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Cleveland-Cliffs currently has an average rating of Hold and a consensus price target of $9.06.
Cleveland-Cliffs (CLF) traded up $0.09 during mid-day trading on Thursday, reaching $8.13. 8,617,813 shares of the company were exchanged, compared to its average volume of 11,400,000. The stock has a market capitalization of $2,410.00, a P/E ratio of 12.70 and a beta of 1.61. Cleveland-Cliffs has a 52-week low of $5.56 and a 52-week high of $12.37. The company has a current ratio of 1.89, a quick ratio of 1.18 and a debt-to-equity ratio of -2.03.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Friday, October 20th. The mining company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.06. The firm had revenue of $698.00 million for the quarter, compared to the consensus estimate of $669.25 million. Cleveland-Cliffs had a net margin of 5.48% and a negative return on equity of 29.06%. The firm’s revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. analysts predict that Cleveland-Cliffs will post 0.52 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. lifted its holdings in shares of Cleveland-Cliffs by 8.3% in the second quarter. Ameritas Investment Partners Inc. now owns 26,167 shares of the mining company’s stock valued at $181,000 after purchasing an additional 2,016 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Cleveland-Cliffs by 7.2% in the second quarter. Amalgamated Bank now owns 35,530 shares of the mining company’s stock valued at $246,000 after purchasing an additional 2,392 shares in the last quarter. Prudential Financial Inc. lifted its holdings in shares of Cleveland-Cliffs by 8.9% in the second quarter. Prudential Financial Inc. now owns 30,622 shares of the mining company’s stock valued at $212,000 after purchasing an additional 2,490 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of Cleveland-Cliffs by 19.0% in the second quarter. HighTower Advisors LLC now owns 19,092 shares of the mining company’s stock valued at $133,000 after purchasing an additional 3,046 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Cleveland-Cliffs by 25.0% in the second quarter. Sei Investments Co. now owns 22,277 shares of the mining company’s stock valued at $153,000 after purchasing an additional 4,458 shares in the last quarter. 56.74% of the stock is currently owned by institutional investors.
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Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.
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