Cleveland-Cliffs Inc (NYSE:CLF) shares rose 5.4% during mid-day trading on Wednesday . The stock traded as high as $11.23 and last traded at $11.13. Approximately 15,155,461 shares were traded during mid-day trading, an increase of 27% from the average daily volume of 11,948,496 shares. The stock had previously closed at $10.56.

CLF has been the subject of several research reports. Citigroup initiated coverage on Cleveland-Cliffs in a research report on Wednesday, June 6th. They issued a “buy” rating and a $11.00 target price for the company. Jefferies Financial Group raised Cleveland-Cliffs to a “buy” rating and set a $13.00 target price for the company in a research report on Friday, September 7th. Zacks Investment Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 6th. B. Riley upped their price target on Cleveland-Cliffs from $12.00 to $13.00 and gave the stock a “$10.88” rating in a research note on Monday, July 23rd. Finally, ValuEngine downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, August 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $10.80.

The company has a quick ratio of 2.72, a current ratio of 3.26 and a debt-to-equity ratio of -7.50. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 22.24 and a beta of 1.71.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Friday, July 20th. The mining company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.20. The company had revenue of $714.00 million for the quarter, compared to the consensus estimate of $653.75 million. Cleveland-Cliffs had a negative return on equity of 76.39% and a net margin of 20.07%. The firm’s quarterly revenue was up 51.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.26 EPS. analysts forecast that Cleveland-Cliffs Inc will post 2.06 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of CLF. Swiss National Bank grew its stake in shares of Cleveland-Cliffs by 3.5% in the 1st quarter. Swiss National Bank now owns 490,400 shares of the mining company’s stock worth $3,408,000 after buying an additional 16,400 shares during the last quarter. LSV Asset Management purchased a new stake in Cleveland-Cliffs during the 1st quarter valued at $322,000. Schwab Charles Investment Management Inc. boosted its stake in Cleveland-Cliffs by 9.6% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,855,548 shares of the mining company’s stock valued at $12,897,000 after purchasing an additional 162,626 shares during the last quarter. ETRADE Capital Management LLC purchased a new stake in Cleveland-Cliffs during the 1st quarter valued at $204,000. Finally, Aperio Group LLC boosted its stake in Cleveland-Cliffs by 17.6% during the 1st quarter. Aperio Group LLC now owns 53,470 shares of the mining company’s stock valued at $372,000 after purchasing an additional 7,984 shares during the last quarter. Institutional investors own 67.57% of the company’s stock.

About Cleveland-Cliffs (NYSE:CLF)

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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