Cleveland-Cliffs Inc. (NYSE:CLF) Given Average Rating of “Reduce” by Analysts

Cleveland-Cliffs Inc. (NYSE:CLF) has been assigned an average rating of “Reduce” from the eleven research firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $11.4920.

CLF has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. Barclays initiated coverage on shares of Cleveland-Cliffs in a research note on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price for the company. Citigroup lifted their target price on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. KeyCorp started coverage on shares of Cleveland-Cliffs in a research note on Wednesday, March 25th. They set a “sector weight” rating for the company. Finally, JPMorgan Chase & Co. decreased their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $14.12 on Thursday. Cleveland-Cliffs has a twelve month low of $6.72 and a twelve month high of $16.70. The firm has a fifty day simple moving average of $10.25 and a 200 day simple moving average of $11.47. The company has a market capitalization of $8.06 billion, a PE ratio of -6.04 and a beta of 2.09. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter last year, the firm earned ($0.92) earnings per share. Cleveland-Cliffs’s quarterly revenue was up 6.3% on a year-over-year basis. On average, sell-side analysts forecast that Cleveland-Cliffs will post -0.46 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC grew its holdings in shares of Cleveland-Cliffs by 25.2% during the first quarter. NewEdge Advisors LLC now owns 123,427 shares of the mining company’s stock valued at $1,043,000 after buying an additional 24,868 shares during the last quarter. Glenmede Trust Co. NA acquired a new position in shares of Cleveland-Cliffs during the first quarter valued at about $274,000. Edgestream Partners L.P. grew its holdings in shares of Cleveland-Cliffs by 73.5% during the first quarter. Edgestream Partners L.P. now owns 557,261 shares of the mining company’s stock valued at $4,709,000 after buying an additional 236,031 shares during the last quarter. Amundi acquired a new position in shares of Cleveland-Cliffs during the first quarter valued at about $142,000. Finally, California State Teachers Retirement System grew its holdings in shares of Cleveland-Cliffs by 23.0% during 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. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Company Profile

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.