Cleveland-Cliffs (NYSE:CLF) Shares Cross Above 200-Day Moving Average – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $10.87 and traded as high as $13.26. Cleveland-Cliffs shares last traded at $13.2240, with a volume of 13,619,709 shares.

Wall Street Analyst Weigh In

CLF has been the subject of a number of recent analyst reports. KeyCorp lowered their price objective on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Citigroup lowered their price target on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Thursday, October 30th. Glj Research reissued a “sell” rating and issued a $5.75 target price on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. Finally, Bank of America upped their price target on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $12.78.

Cleveland-Cliffs Stock Up 1.9%

The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of -3.89 and a beta of 1.97. The firm has a 50 day moving average price of $12.41 and a two-hundred day moving average price of $10.89.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.03. The firm had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. Cleveland-Cliffs’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.33) earnings per share. On average, equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently added to or reduced their stakes in the business. Strengthening Families & Communities LLC lifted its stake in shares of Cleveland-Cliffs by 4,315.6% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,942 shares in the last quarter. Atwood & Palmer Inc. purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $27,000. Trust Co. of Toledo NA OH acquired a new position in Cleveland-Cliffs during the 2nd quarter worth approximately $27,000. Winch Advisory Services LLC lifted its position in Cleveland-Cliffs by 131.3% during the 2nd quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock worth $31,000 after acquiring an additional 2,310 shares in the last quarter. Finally, Larson Financial Group LLC boosted its holdings in Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after acquiring an additional 2,392 shares during the period. 67.68% of the stock is owned by hedge funds and other 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.