Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) have earned an average rating of "Hold" from the eight ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $12.74.
CLF has been the subject of a number of research reports. Morgan Stanley dropped their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. B. Riley restated a "buy" rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group decreased their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research report on Wednesday.
Read Our Latest Stock Analysis on CLF
Insider Activity
In related news, Director John T. Baldwin acquired 4,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president now directly owns 492,249 shares in the company, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have bought 23,500 shares of company stock valued at $243,095. 1.76% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Cleveland-Cliffs
A number of hedge funds and other institutional investors have recently made changes to their positions in CLF. Fairfax Financial Holdings Ltd. Can acquired a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $55,453,000. Norges Bank acquired a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $45,381,000. Slate Path Capital LP lifted its stake in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after buying an additional 4,239,000 shares during the period. Woodline Partners LP acquired a new position in Cleveland-Cliffs in the first quarter valued at approximately $22,696,000. Finally, Vanguard Group Inc. lifted its stake in Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after buying an additional 2,556,332 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.
Cleveland-Cliffs Stock Down 0.5%
Shares of NYSE CLF traded down $0.03 during trading hours on Friday, hitting $5.91. The company had a trading volume of 34,778,747 shares, compared to its average volume of 15,985,317. The firm's 50 day moving average is $7.61 and its 200-day moving average is $9.56. Cleveland-Cliffs has a 1-year low of $5.77 and a 1-year high of $17.41. The stock has a market capitalization of $2.92 billion, a P/E ratio of -6.09 and a beta of 2.03. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same period in the prior year, the business posted $0.18 EPS. The firm's quarterly revenue was down 11.0% compared to the same quarter last year. On average, analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.
Cleveland-Cliffs Company Profile
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Get Free ReportCleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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