Vertical Group initiated coverage on shares of Cleveland-Cliffs (NYSE:CLF) in a research note issued to investors on Friday. The firm set a “sell” rating on the mining company’s stock.
Several other research firms also recently issued reports on CLF. KeyCorp reiterated a “hold” rating on shares of Cleveland-Cliffs in a report on Friday, November 24th. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 price objective on the stock in a report on Tuesday, December 26th. Cowen set a $7.00 price objective on Cleveland-Cliffs and gave the company a “hold” rating in a report on Tuesday, October 17th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $6.90 to $10.00 in a report on Monday, October 23rd. Finally, B. Riley set a $10.00 price objective on Cleveland-Cliffs and gave the company a “buy” rating in a report on Friday, November 17th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Cleveland-Cliffs currently has an average rating of “Hold” and a consensus price target of $9.29.
Shares of Cleveland-Cliffs (NYSE CLF) traded up $0.08 during trading on Friday, hitting $8.49. The stock had a trading volume of 10,696,091 shares, compared to its average volume of 13,010,000. Cleveland-Cliffs has a twelve month low of $5.56 and a twelve month high of $12.37. The firm has a market cap of $2,520.00, a price-to-earnings ratio of 13.27 and a beta of 1.61. 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 announced its quarterly earnings results on Friday, October 20th. The mining company reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.06. Cleveland-Cliffs had a negative return on equity of 29.06% and a net margin of 5.48%. The business had revenue of $698.00 million for the quarter, compared to analyst estimates of $669.25 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The company’s quarterly revenue was up 26.2% on a year-over-year basis. research analysts expect that Cleveland-Cliffs will post 0.5 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of CLF. Legal & General Group Plc raised its holdings in shares of Cleveland-Cliffs by 26.4% in the 2nd quarter. Legal & General Group Plc now owns 141,429 shares of the mining company’s stock valued at $980,000 after buying an additional 29,503 shares during the period. Comerica Bank increased its holdings in Cleveland-Cliffs by 49.5% during the 2nd quarter. Comerica Bank now owns 15,493 shares of the mining company’s stock worth $116,000 after purchasing an additional 5,129 shares during the period. Prudential Financial Inc. increased its holdings in Cleveland-Cliffs by 8.9% during the 2nd quarter. Prudential Financial Inc. now owns 30,622 shares of the mining company’s stock worth $212,000 after purchasing an additional 2,490 shares during the period. Principal Financial Group Inc. increased its holdings in Cleveland-Cliffs by 9.6% during the 2nd quarter. Principal Financial Group Inc. now owns 176,400 shares of the mining company’s stock worth $1,220,000 after purchasing an additional 15,511 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in Cleveland-Cliffs by 30.0% during the 2nd quarter. Alliancebernstein L.P. now owns 679,245 shares of the mining company’s stock worth $4,700,000 after purchasing an additional 156,820 shares during the period. Hedge funds and other institutional investors own 56.74% of the company’s stock.
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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.