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Shares of Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) have received an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $29.83.
CLF has been the topic of a number of research analyst reports. Credit Suisse Group boosted their price target on Cleveland-Cliffs from $34.00 to $37.00 in a report on Tuesday, April 19th. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $36.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday, May 31st. B. Riley cut their price target on shares of Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $24.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on shares of Cleveland-Cliffs from $43.00 to $37.00 in a research report on Tuesday, June 14th.
In other Cleveland-Cliffs news, EVP Keith Koci bought 4,600 shares of the business’s stock in a transaction on Wednesday, May 11th. The shares were acquired at an average cost of $22.38 per share, for a total transaction of $102,948.00. Following the purchase, the executive vice president now owns 294,735 shares in the company, valued at approximately $6,596,169.30. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Douglas C. Taylor sold 28,150 shares of Cleveland-Cliffs stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $23.12, for a total value of $650,828.00. Following the completion of the sale, the director now directly owns 156,974 shares of the company’s stock, valued at approximately $3,629,238.88. The disclosure for this sale can be found here. Over the last three months, insiders bought 13,100 shares of company stock worth $330,358. Insiders own 1.43% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLF. Wedbush Securities Inc. boosted its holdings in shares of Cleveland-Cliffs by 29.6% during the 4th quarter. Wedbush Securities Inc. now owns 16,000 shares of the mining company’s stock valued at $348,000 after acquiring an additional 3,657 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in Cleveland-Cliffs in the fourth quarter worth approximately $461,000. Spire Wealth Management grew its position in Cleveland-Cliffs by 68.2% in the 4th quarter. Spire Wealth Management now owns 11,185 shares of the mining company’s stock worth $243,000 after purchasing an additional 4,535 shares during the period. Kovack Advisors Inc. raised its stake in Cleveland-Cliffs by 236.3% during the 4th quarter. Kovack Advisors Inc. now owns 22,043 shares of the mining company’s stock valued at $480,000 after buying an additional 38,210 shares during the last quarter. Finally, Canvas Wealth Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at $208,000. Institutional investors own 56.68% of the company’s stock.
Shares of Cleveland-Cliffs stock opened at $15.47 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 2.28. Cleveland-Cliffs has a 52-week low of $14.68 and a 52-week high of $34.04. The company’s 50 day moving average price is $20.32 and its 200-day moving average price is $22.90. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 2.26 and a beta of 2.28.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings results on Friday, April 22nd. The mining company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.27. The business had revenue of $5.96 billion for the quarter, compared to analyst estimates of $5.43 billion. Cleveland-Cliffs had a net margin of 16.77% and a return on equity of 78.74%. The company’s revenue was up 47.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 EPS. As a group, equities research analysts forecast that Cleveland-Cliffs will post 5.09 earnings per share for the current fiscal year.
Cleveland-Cliffs Company Profile (Get Rating)
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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