Cleveland-Cliffs (NYSE:CLF) Shares Climb 8.4% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) shares shot up 8.4% during mid-day trading on Monday. The stock traded as high as $12.32 and last traded at $12.2750. Approximately 9,636,361 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 18,489,457 shares. The stock had previously closed at $11.32.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Bank of America reduced their price target on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. UBS Group set a $13.00 price objective on Cleveland-Cliffs in a report on Monday, September 7th. Finally, Wells Fargo & Company upped their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, August 24th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $12.25.

Cleveland-Cliffs Stock Performance

The stock’s 50-day moving average price is $11.92 and its 200-day moving average price is $10.95. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $7.11 billion, a P/E ratio of -7.68 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The business had revenue of $5.23 billion for the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The business’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.50) EPS. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.04 EPS for the current year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently made changes to their positions in CLF. Johnson Financial Group Inc. bought a new stake in Cleveland-Cliffs during the second quarter worth approximately $30,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of Cleveland-Cliffs during the 4th quarter valued at $44,000. Center for Financial Planning Inc. raised its position in Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after acquiring an additional 1,805 shares in the last quarter. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at about $59,000. Finally, IFP Advisors Inc grew its stake in shares of Cleveland-Cliffs by 39.5% in the 2nd quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock worth $48,000 after purchasing an additional 1,453 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.