Cleveland-Cliffs (NYSE:CLF) Raised to Hold at Glj Research

Cleveland-Cliffs (NYSE:CLF) was upgraded by equities research analysts at Glj Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a $15.01 target price on the mining company’s stock, up from their prior target price of $9.03. Glj Research’s price objective would indicate a potential upside of 18.62% from the company’s current price.

A number of other brokerages have also commented on CLF. Morgan Stanley lowered their price objective on Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. JPMorgan Chase & Co. decreased their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, April 14th. KeyCorp began coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They issued a “sector weight” rating for the company. Wells Fargo & Company boosted their price target on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Argus raised shares of Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Reduce” and a consensus price target of $12.55.

Cleveland-Cliffs Trading Down 6.5%

Shares of NYSE:CLF opened at $12.65 on Tuesday. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs has a 1 year low of $6.72 and a 1 year high of $16.70. The firm has a fifty day moving average price of $10.55 and a 200 day moving average price of $11.52. The stock has a market capitalization of $7.22 billion, a PE ratio of -5.41 and a beta of 2.08.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. During the same period in the prior year, the company earned ($0.92) earnings per share. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. Analysts expect that Cleveland-Cliffs will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds have recently bought and sold shares of CLF. Focus Partners Wealth acquired a new stake in Cleveland-Cliffs in the 1st quarter valued at about $339,000. Prudential Financial Inc. lifted its stake in Cleveland-Cliffs by 27.4% in the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after purchasing an additional 10,733 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock worth $1,088,000 after acquiring an additional 6,073 shares during the last quarter. CW Advisors LLC lifted its position in Cleveland-Cliffs by 47.4% during the second quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after acquiring an additional 7,127 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Cleveland-Cliffs by 20.3% during the second quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock worth $23,417,000 after acquiring an additional 520,120 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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.