Cleveland-Cliffs (NYSE:CLF) Rating Increased to Buy at Glj Research

Glj Research upgraded shares of Cleveland-Cliffs (NYSE:CLF) from a sell rating to a buy rating in a report published on Tuesday morning,Benzinga reports. Glj Research currently has $14.27 target price on the mining company’s stock.

A number of other analysts also recently issued reports on the stock. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Finally, Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $16.93.

Cleveland-Cliffs Stock Up 1.4 %

CLF stock opened at $10.04 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market capitalization of $4.96 billion, a P/E ratio of -10.35 and a beta of 1.97. The business has a fifty day moving average price of $11.29 and a 200-day moving average price of $12.78. Cleveland-Cliffs has a 1-year low of $8.99 and a 1-year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the previous year, the business posted $0.54 EPS. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. Equities analysts forecast that Cleveland-Cliffs will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Franklin Resources Inc. lifted its holdings in Cleveland-Cliffs by 105.6% in the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after acquiring an additional 134,939 shares during the period. Twelve Points Wealth Management LLC grew its holdings in shares of Cleveland-Cliffs by 58.5% during the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after purchasing an additional 49,359 shares during the period. Janus Henderson Group PLC increased its position in shares of Cleveland-Cliffs by 987.0% during the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after purchasing an additional 187,957 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Cleveland-Cliffs in the 3rd quarter valued at about $22,122,000. Finally, First Dallas Securities Inc. lifted its position in Cleveland-Cliffs by 27.9% in the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after buying an additional 45,150 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

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.