Cleveland-Cliffs Inc. (CLF) – What Are Brokerages Saying About This Stock?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been assigned a consensus recommendation of “Hold” from the twelve analysts that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $14.18.

A number of research firms recently weighed in on CLF. Glj Research upped their price target on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a “buy” rating in a report on Monday, September 21st. Wells Fargo & Company lifted their price target on Cleveland-Cliffs from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, October 20th. Barclays lifted their price target on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “underweight” rating in a report on Thursday, October 22nd. Wall Street Zen upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Finally, B. Riley Financial increased their target price on shares of Cleveland-Cliffs from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd.

Cleveland-Cliffs Trading Down 12.3%

NYSE CLF opened at $11.26 on Friday. The company has a quick ratio of 0.64, a current ratio of 1.87 and a debt-to-equity ratio of 1.28. The firm has a 50-day moving average price of $12.53 and a 200 day moving average price of $11.39. The stock has a market capitalization of $6.43 billion, a P/E ratio of -13.25, a P/E/G ratio of 5.49 and a beta of 1.99. Cleveland-Cliffs has a 52-week low of $7.73 and a 52-week high of $15.35.

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

Insider Activity at Cleveland-Cliffs

In other news, Director Edilson Camara bought 7,400 shares of Cleveland-Cliffs stock in a transaction dated Thursday, October 22nd. The shares were acquired at an average cost of $13.49 per share, with a total value of $99,826.00. Following the completion of the transaction, the director owned 64,717 shares in the company, valued at approximately $873,032.33. This trade represents a 12.91% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently made changes to their positions in CLF. Maryland State Retirement & Pension System lifted its holdings in Cleveland-Cliffs by 25.3% in the third quarter. Maryland State Retirement & Pension System now owns 34,516 shares of the mining company’s stock worth $380,000 after acquiring an additional 6,975 shares during the last quarter. Lido Advisors LLC grew its holdings in shares of Cleveland-Cliffs by 13.5% during the third quarter. Lido Advisors LLC now owns 28,343 shares of the mining company’s stock valued at $312,000 after purchasing an additional 3,363 shares during the last quarter. Fulcrum Asset Management LLP grew its holdings in shares of Cleveland-Cliffs by 27,538.7% during the third quarter. Fulcrum Asset Management LLP now owns 46,433 shares of the mining company’s stock valued at $511,000 after purchasing an additional 46,265 shares during the last quarter. StoneX Group Inc. bought a new position in shares of Cleveland-Cliffs during the third quarter valued at approximately $201,000. Finally, CenterBook Partners LP bought a new position in shares of Cleveland-Cliffs during the third quarter valued at approximately $218,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.