Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Up 5.2% in December

Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) saw a significant growth in short interest in December. As of December 30th, there was short interest totalling 42,430,000 shares, a growth of 5.2% from the December 15th total of 40,320,000 shares. Based on an average trading volume of 13,210,000 shares, the short-interest ratio is presently 3.2 days.

Cleveland-Cliffs Trading Down 2.0 %

Shares of CLF stock opened at $20.19 on Wednesday. Cleveland-Cliffs has a 1 year low of $11.82 and a 1 year high of $34.04. The firm has a fifty day moving average price of $16.94 and a 200-day moving average price of $16.30. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.33 and a quick ratio of 0.78. The company has a market cap of $10.40 billion, a price-to-earnings ratio of 4.38 and a beta of 2.12.

Cleveland-Cliffs (NYSE:CLFGet Rating) last released its earnings results on Tuesday, October 25th. The mining company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.16). Cleveland-Cliffs had a net margin of 10.48% and a return on equity of 40.41%. The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.79 billion. During the same quarter last year, the firm posted $2.33 EPS. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. As a group, equities analysts predict that Cleveland-Cliffs will post 3.04 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CLF shares. Bank of America started coverage on shares of Cleveland-Cliffs in a research report on Wednesday, January 4th. They set a “neutral” rating and a $19.00 price target for the company. Morgan Stanley raised shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $13.60 to $26.00 in a research report on Wednesday, January 11th. The Goldman Sachs Group lifted their target price on shares of Cleveland-Cliffs from $18.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, January 18th. B. Riley lifted their target price on shares of Cleveland-Cliffs from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, December 23rd. Finally, Argus cut their target price on shares of Cleveland-Cliffs from $33.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, September 28th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $21.47.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Eudaimonia Partners LLC lifted its stake in shares of Cleveland-Cliffs by 100.7% during the 4th quarter. Eudaimonia Partners LLC now owns 73,919 shares of the mining company’s stock valued at $1,191,000 after buying an additional 37,093 shares in the last quarter. Xponance Inc. lifted its stake in shares of Cleveland-Cliffs by 10.8% during the 4th quarter. Xponance Inc. now owns 68,168 shares of the mining company’s stock valued at $1,098,000 after buying an additional 6,663 shares in the last quarter. JB Capital LLC lifted its stake in shares of Cleveland-Cliffs by 1.8% during the 4th quarter. JB Capital LLC now owns 30,175 shares of the mining company’s stock valued at $486,000 after buying an additional 544 shares in the last quarter. Lion Street Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the 4th quarter valued at $230,000. Finally, Marketfield Asset Management LLC purchased a new position in shares of Cleveland-Cliffs during the 4th quarter valued at $3,358,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Cleveland-Cliffs Company Profile

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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.

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