Cleveland-Cliffs (NYSE:CLF) Shares Climb 5.6% – Should You Buy?

Cleveland-Cliffs Inc. (NYSE:CLF) shares rose 5.6% during mid-day trading on Tuesday. The stock traded as high as $13.04 and last traded at $12.9440. 4,064,344 shares traded hands during trading, a decline of 79% from the average session volume of 19,182,822 shares. The stock had previously closed at $12.26.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of research analyst reports. B. Riley Financial raised their price target on shares of Cleveland-Cliffs from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 22nd. Glj Research upped their target price on Cleveland-Cliffs from $15.60 to $17.48 and gave the company a “buy” rating in a research report on Monday, September 21st. Morgan Stanley lifted their price target on Cleveland-Cliffs from $12.50 to $14.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 20th. JPMorgan Chase & Co. boosted their price target on Cleveland-Cliffs from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, October 22nd. Finally, Wall Street Zen raised Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.30.

Cleveland-Cliffs Stock Performance

The firm’s fifty day simple moving average is $12.53 and its 200 day simple moving average is $11.36. The company has a market capitalization of $7.30 billion, a PE ratio of -15.06, a price-to-earnings-growth ratio of 5.49 and a beta of 1.99. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.04. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.69 billion. During the same quarter in the previous year, the firm posted ($0.51) EPS. The company’s revenue for the quarter was up 18.5% on a year-over-year basis. On average, research analysts predict that Cleveland-Cliffs Inc. will post 0.10 EPS for the current year.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Edilson Camara bought 7,400 shares of Cleveland-Cliffs stock in a transaction dated Thursday, October 22nd. The stock was acquired at an average cost of $13.49 per share, with a total value of $99,826.00. Following the purchase, the director directly owned 64,717 shares in the company, valued at $873,032.33. This represents a 12.91% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLF. Center for Financial Planning Inc. boosted its holdings in shares of Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after purchasing an additional 1,805 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in Cleveland-Cliffs in the 2nd quarter valued at $30,000. Fortitude Family Office LLC increased its stake in shares of Cleveland-Cliffs by 245.2% in the 3rd quarter. Fortitude Family Office LLC now owns 2,831 shares of the mining company’s stock worth $31,000 after acquiring an additional 2,011 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Cleveland-Cliffs by 119.6% during the 3rd quarter. Bessemer Group Inc. now owns 3,816 shares of the mining company’s stock worth $42,000 after acquiring an additional 2,078 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of Cleveland-Cliffs by 39.5% during the 2nd quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock worth $48,000 after acquiring an additional 1,453 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc. is a vertically integrated steel and iron ore company headquartered in Cleveland, Ohio. Its operations span iron ore mining and pellet production, direct-reduced iron and coke production, and steelmaking and finishing. The company makes flat-rolled steel products, including hot-rolled, cold-rolled and coated steel, as well as plate and other specialty products. Its customers serve industries such as automotive, infrastructure, manufacturing and appliances. Founded in 1847 as an iron ore mining company, Cleveland-Cliffs expanded into steelmaking and has built an integrated production network across the United States and Canada.