Cleveland-Cliffs (NYSE:CLF) Stock Moved Up to Equal Weight by Barclays

Cleveland-Cliffs (NYSE:CLF) was upgraded by analysts at Barclays from an “underweight” rating to an “equal weight” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage presently has a $15.00 target price on the mining company’s stock, up from their prior target price of $12.00. Barclays‘s price target would suggest a potential upside of 14.20% from the company’s previous close.

A number of other brokerages also recently issued reports on CLF. UBS Group set a $13.00 price target on Cleveland-Cliffs in a report on Monday, September 7th. Wall Street Zen upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Monday, October 19th. Glj Research raised their target price on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a “buy” rating in a research report on Monday, September 21st. Finally, JPMorgan Chase & Co. boosted their target price on Cleveland-Cliffs from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, October 22nd. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $14.60.

Cleveland-Cliffs Stock Up 2.1%

Shares of Cleveland-Cliffs stock opened at $13.13 on Thursday. The company has a quick ratio of 0.64, a current ratio of 1.87 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs has a 52-week low of $7.73 and a 52-week high of $15.35. The company has a market capitalization of $7.49 billion, a P/E ratio of -15.45, a P/E/G ratio of 5.50 and a beta of 1.99. The company has a 50 day moving average of $12.59 and a 200 day moving average of $11.35.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.69 billion. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The company’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.51) EPS. As a group, research analysts forecast that Cleveland-Cliffs will post 0.10 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Edilson Camara purchased 7,400 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, October 22nd. The stock was purchased at an average cost of $13.49 per share, with a total value of $99,826.00. Following the completion of the transaction, the director directly owned 64,717 shares in the company, valued at approximately $873,032.33. The trade was a 12.91% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.95% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently bought and sold shares of the stock. Sei Investments Co. boosted its position in shares of Cleveland-Cliffs by 95.4% in the 1st quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock valued at $2,560,000 after purchasing an additional 147,899 shares during the period. Quantinno Capital Management LP increased its position in Cleveland-Cliffs by 68.0% during the first quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock worth $1,796,000 after buying an additional 86,036 shares during the period. SFE Investment Counsel acquired a new position in Cleveland-Cliffs during the second quarter worth approximately $8,562,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cleveland-Cliffs during the second quarter worth approximately $505,000. Finally, California State Teachers Retirement System lifted its stake in Cleveland-Cliffs by 23.0% in the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after buying an additional 123,660 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc. is a vertically integrated steel and iron ore company headquartered in Cleveland, Ohio. Its operations span iron ore mining and pellet production, direct-reduced iron and coke production, and steelmaking and finishing. The company makes flat-rolled steel products, including hot-rolled, cold-rolled and coated steel, as well as plate and other specialty products. Its customers serve industries such as automotive, infrastructure, manufacturing and appliances. Founded in 1847 as an iron ore mining company, Cleveland-Cliffs expanded into steelmaking and has built an integrated production network across the United States and Canada.