Cleveland-Cliffs (NYSE:CLF) Trading Up 6.9%

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) traded up 6.9% during trading on Tuesday . The stock traded as high as $12.69 and last traded at $12.69. 2,900,932 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 9,738,741 shares. The stock had previously closed at $11.87.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. B. Riley restated a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Finally, Citigroup decreased their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Price Performance

The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The stock has a market cap of $6.01 billion, a P/E ratio of 17.15, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The business’s 50-day simple moving average is $13.25 and its two-hundred day simple moving average is $16.43.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s quarterly revenue was down 14.9% on a year-over-year basis. During the same quarter last year, the business earned $0.69 earnings per share. Sell-side analysts expect that Cleveland-Cliffs Inc. will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently modified their holdings of the company. Hodges Capital Management Inc. boosted its position in shares of Cleveland-Cliffs by 5.0% in the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock valued at $33,852,000 after acquiring an additional 104,197 shares during the period. Quest Partners LLC bought a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $71,000. DekaBank Deutsche Girozentrale boosted its position in shares of Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after acquiring an additional 984 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Cleveland-Cliffs by 82.2% in the first quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock valued at $8,932,000 after acquiring an additional 177,198 shares during the period. Finally, Natixis bought a new position in shares of Cleveland-Cliffs in the first quarter valued at approximately $100,000. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-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.