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

Cleveland-Cliffs Inc. (NYSE:CLF) has received an average rating of “Reduce” from the eleven brokerages that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $12.9010.

A number of research firms recently commented on CLF. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Wells Fargo & Company upped their price objective on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, June 4th. KeyCorp began coverage on shares of Cleveland-Cliffs in a research report on Wednesday, March 25th. They issued a “sector weight” rating for the company. Barclays began coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price objective for the company. Finally, Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.95% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the period. State Street Corp raised its position in Cleveland-Cliffs by 14.2% in the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after buying an additional 3,632,150 shares during the last quarter. Castle Hook Partners LP raised its position in Cleveland-Cliffs by 572.4% in the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after buying an additional 15,393,507 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Cleveland-Cliffs by 6.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock valued at $130,873,000 after buying an additional 925,031 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. raised its position in Cleveland-Cliffs by 90.1% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock valued at $164,117,000 after buying an additional 5,855,830 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

CLF stock opened at $9.94 on Monday. The business’s fifty day moving average is $11.52 and its 200-day moving average is $11.51. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The company has a market cap of $5.67 billion, a P/E ratio of -4.25 and a beta of 2.08. Cleveland-Cliffs has a twelve month low of $7.01 and a twelve month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The company had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.92) EPS. Equities research analysts forecast that Cleveland-Cliffs will post -0.27 EPS for the current year.

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.