Cleveland-Cliffs Inc. (NYSE:CLF) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) have been assigned an average rating of “Moderate Buy” from the ten brokerages that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $26.07.

Several research analysts have commented on the company. B. Riley cut their price objective on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating on the stock in a research report on Wednesday, July 6th. Citigroup upped their price target on Cleveland-Cliffs to $20.00 in a report on Tuesday, September 13th. JPMorgan Chase & Co. reduced their target price on shares of Cleveland-Cliffs from $43.00 to $37.00 in a research report on Tuesday, June 14th. Credit Suisse Group lowered their price target on shares of Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $16.00 to $14.50 and set an “equal weight” rating on the stock in a report on Monday, July 25th.

Insider Transactions at Cleveland-Cliffs

In other news, CFO Celso L. Goncalves, Jr. purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The stock was acquired at an average cost of $19.36 per share, for a total transaction of $96,800.00. Following the completion of the purchase, the chief financial officer now owns 148,285 shares of the company’s stock, valued at $2,870,797.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.43% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Several large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its position in shares of Cleveland-Cliffs by 4.6% in the 4th quarter. Bank of Montreal Can now owns 741,314 shares of the mining company’s stock worth $15,760,000 after buying an additional 32,307 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cleveland-Cliffs by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 5,954,145 shares of the mining company’s stock worth $129,621,000 after acquiring an additional 387,659 shares during the last quarter. Gotham Asset Management LLC acquired a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $1,122,000. ClariVest Asset Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $1,574,000. Finally, Blair William & Co. IL acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $3,191,000. 61.21% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $14.10 on Friday. The company has a market cap of $7.29 billion, a price-to-earnings ratio of 2.12 and a beta of 2.23. Cleveland-Cliffs has a 12 month low of $13.97 and a 12 month high of $34.04. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.20 and a quick ratio of 0.75. The stock’s 50-day moving average is $17.26 and its 200-day moving average is $21.61.

Cleveland-Cliffs (NYSE:CLFGet Rating) last announced its quarterly earnings results on Friday, July 22nd. The mining company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.27). Cleveland-Cliffs had a net margin of 15.07% and a return on equity of 64.45%. The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $6.13 billion. During the same period last year, the firm earned $1.46 earnings per share. The company’s quarterly revenue was up 25.6% on a year-over-year basis. Equities analysts anticipate that Cleveland-Cliffs will post 4.74 earnings per share for the current year.

About Cleveland-Cliffs

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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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