Cleveland-Cliffs (NYSE:CLF) Stock Price Up 4.6%

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price was up 4.6% during mid-day trading on Monday . The company traded as high as $13.96 and last traded at $13.88. Approximately 3,434,868 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 8,929,992 shares. The stock had previously closed at $13.27.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CLF shares. Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Seaport Res Ptn upgraded Cleveland-Cliffs to a “hold” rating in a research report on Tuesday, June 11th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 target price for the company. Finally, B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.94.

Cleveland-Cliffs Stock Performance

The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 1.94 and a beta of 2.03. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The stock has a 50 day simple moving average of $14.57 and a two-hundred day simple moving average of $17.60.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the prior year, the company posted $0.69 earnings per share. The firm’s quarterly revenue was down 14.9% compared to the same quarter last year. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post 0.17 earnings per share for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Ben Oren purchased 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average price of $14.99 per share, with a total value of $100,433.00. Following the completion of the transaction, the director now directly owns 14,167 shares in the company, valued at approximately $212,363.33. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 7,250 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average price of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the purchase, the chief financial officer now owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Ben Oren acquired 6,700 shares of Cleveland-Cliffs stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the purchase, the director now owns 14,167 shares in the company, valued at $212,363.33. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CLF. Rise Advisors LLC lifted its holdings in shares of Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the period. Altshuler Shaham Ltd acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth $26,000. Hexagon Capital Partners LLC increased its stake in shares of Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after acquiring an additional 500 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 shares during the period. Finally, LRI Investments LLC purchased a new position in Cleveland-Cliffs during the first quarter worth about $45,000. Institutional investors and hedge funds 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.