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

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been assigned a consensus rating of “Hold” from the ten research firms that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $12.3611.

Several research analysts have recently issued reports on CLF shares. Morgan Stanley upped their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Citigroup boosted their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a report on Monday, July 21st. KeyCorp raised shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Tuesday, July 22nd. Weiss Ratings reissued a “sell (d)” rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a report on Thursday, October 9th.

Cleveland-Cliffs Trading Up 0.5%

Shares of NYSE CLF opened at $13.13 on Wednesday. The firm’s 50 day moving average price is $12.00 and its 200-day moving average price is $9.59. The company has a market cap of $6.49 billion, a PE ratio of -3.86 and a beta of 1.96. Cleveland-Cliffs has a 52-week low of $5.63 and a 52-week high of $16.70. 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 (NYSE:CLF) last issued its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.03. The firm had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.33) earnings per share. On average, equities research analysts expect that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CLF. Maple Rock Capital Partners Inc. purchased a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $63,731,000. Norges Bank bought a new stake in Cleveland-Cliffs during the second quarter valued at approximately $44,120,000. Turiya Advisors Asia Ltd bought a new stake in Cleveland-Cliffs during the second quarter valued at approximately $39,357,000. State Street Corp grew its position in 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 buying an additional 4,603,807 shares during the period. Finally, BNP Paribas Financial Markets grew its position in 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 buying an additional 4,222,528 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

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.