Cleveland-Cliffs (NYSE:CLF) Earns Neutral Rating from Analysts at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs (NYSE:CLF) in a research report issued to clients and investors on Wednesday. The brokerage set a “neutral” rating and a $9.00 price target on the mining company’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 6.76% from the company’s previous close.

Other research analysts have also issued reports about the stock. KeyCorp assumed coverage on shares of Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. Glj Research reissued a “sell” rating and set a $9.42 price objective on shares of Cleveland-Cliffs in a report on Monday, March 16th. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $12.80 to $17.00 in a report on Friday, January 9th. Finally, Citigroup lifted their target price on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.99.

Cleveland-Cliffs Trading Up 3.9%

Shares of Cleveland-Cliffs stock opened at $8.43 on Wednesday. The stock has a market capitalization of $4.81 billion, a PE ratio of -2.89 and a beta of 1.99. Cleveland-Cliffs has a 52 week low of $5.63 and a 52 week high of $16.70. The stock has a 50 day moving average price of $10.97 and a two-hundred day moving average price of $12.06. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same period in the prior year, the firm earned ($0.68) earnings per share. Cleveland-Cliffs’s revenue for the quarter was down .3% on a year-over-year basis. As a group, equities analysts anticipate that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other news, CEO Lourenco Goncalves sold 3,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total value of $37,260,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Edilson Camara bought 19,700 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 13th. The stock was acquired at an average cost of $10.13 per share, with a total value of $199,561.00. Following the completion of the acquisition, the director owned 41,983 shares of the company’s stock, valued at $425,287.79. This represents a 88.41% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Strengthening Families & Communities LLC raised its stake in shares of Cleveland-Cliffs by 4,315.6% during the 3rd 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 during the period. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs during the fourth quarter valued at about $25,000. IFP Advisors Inc increased its holdings in Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after buying an additional 1,200 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after buying an additional 1,214 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,855 shares during the period. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.