Cleveland-Cliffs (NYSE:CLF) Trading Up 4.8% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) shares shot up 4.8% during mid-day trading on Monday . The company traded as high as $13.09 and last traded at $13.05. 2,351,031 shares changed hands during trading, a decline of 77% from the average session volume of 10,298,145 shares. The stock had previously closed at $12.45.

Wall Street Analyst Weigh In

CLF has been the topic of several analyst reports. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday. They issued a “buy” rating and a $16.00 price target on the stock. Citigroup lowered their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Morgan Stanley cut their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.39.

Cleveland-Cliffs Stock Up 3.4 %

The firm has a 50 day moving average price of $12.69 and a 200-day moving average price of $13.87. 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 firm has a market cap of $6.36 billion, a price-to-earnings ratio of -13.09 and a beta of 1.97.

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

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLF. Altshuler Shaham Ltd acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at approximately $26,000. EverSource Wealth Advisors LLC raised its holdings in Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after purchasing an additional 1,343 shares during the period. Strengthening Families & Communities LLC boosted its position in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at $31,000. Finally, Gradient Investments LLC grew its holdings in shares of Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after buying an additional 1,249 shares during the period. Institutional investors own 67.68% of the company’s stock.

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.