Cleveland-Cliffs Inc. (NYSE:CLF) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have received an average rating of “Hold” from the ten ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $12.7750.

A number of research firms recently weighed in on CLF. The Goldman Sachs Group upped their price objective on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Glj Research reiterated a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Bank of America boosted their price objective on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research note on Tuesday, October 21st. UBS Group set a $15.00 target price on Cleveland-Cliffs in a research report on Monday, October 27th. Finally, KeyCorp cut their price target on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 10th.

Cleveland-Cliffs Stock Up 2.3%

Shares of NYSE CLF opened at $12.68 on Thursday. Cleveland-Cliffs has a 52-week low of $5.63 and a 52-week high of $16.70. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of -3.73 and a beta of 1.97. The stock has a 50 day moving average price of $12.44 and a 200 day moving average price of $10.58. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the company posted ($0.33) EPS. Cleveland-Cliffs’s revenue was up 3.6% on a year-over-year basis. Sell-side analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Institutional Trading of Cleveland-Cliffs

Several hedge funds have recently modified their holdings of the company. Allworth Financial LP raised its stake in shares of Cleveland-Cliffs by 27.1% during the 3rd quarter. Allworth Financial LP now owns 13,332 shares of the mining company’s stock worth $163,000 after acquiring an additional 2,839 shares in the last quarter. Swiss Life Asset Management Ltd grew its holdings in Cleveland-Cliffs by 67.5% in the third quarter. Swiss Life Asset Management Ltd now owns 22,092 shares of the mining company’s stock worth $270,000 after purchasing an additional 8,901 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in Cleveland-Cliffs in the third quarter worth $205,000. Tweedy Browne Co LLC increased its position in shares of Cleveland-Cliffs by 103.8% during the third quarter. Tweedy Browne Co LLC now owns 51,987 shares of the mining company’s stock worth $634,000 after purchasing an additional 26,480 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at $74,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

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.