Cleveland-Cliffs (NYSE:CLF) Stock Price Up 6.1% – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price was up 6.1% during trading on Thursday . The stock traded as high as $13.34 and last traded at $13.4810. Approximately 5,124,184 shares traded hands during trading, a decline of 80% from the average daily volume of 25,163,979 shares. The stock had previously closed at $12.70.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of analyst reports. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $11.00 to $12.00 in a report on Friday, November 14th. Bank of America increased their price objective on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a report on Tuesday, October 21st. UBS Group set a $15.00 price objective on Cleveland-Cliffs in a research report on Monday, October 27th. KeyCorp decreased their target price on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.78.

Cleveland-Cliffs Stock Down 5.6%

The company has a market capitalization of $6.27 billion, a P/E ratio of -3.72 and a beta of 1.97. The company has a 50-day moving average of $12.45 and a two-hundred day moving average of $10.64. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The business had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the firm posted ($0.33) earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CLF. Maple Rock Capital Partners Inc. bought a new position in shares of Cleveland-Cliffs during the second quarter valued at $63,731,000. Norges Bank purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at about $44,120,000. Turiya Advisors Asia Ltd bought a new stake in Cleveland-Cliffs during the 2nd quarter valued at about $39,357,000. State Street Corp raised its holdings in Cleveland-Cliffs by 20.2% in the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after buying an additional 4,603,807 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its stake in shares of Cleveland-Cliffs by 960.4% in the third quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock worth $57,136,000 after buying an additional 4,241,582 shares in the last quarter. 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.