Cleveland-Cliffs (NYSE:CLF) Shares Up 5.6% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) shot up 5.6% during mid-day trading on Tuesday . The stock traded as high as $10.52 and last traded at $10.45. 5,197,359 shares traded hands during trading, a decline of 61% from the average session volume of 13,202,906 shares. The stock had previously closed at $9.90.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a report on Tuesday. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Citigroup cut their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.93.

Cleveland-Cliffs Stock Down 3.2 %

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 capitalization of $4.81 billion, a price-to-earnings ratio of -10.03 and a beta of 1.97. The firm’s 50-day moving average price is $11.23 and its 200 day moving average price is $12.75.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $4.57 billion for 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% on a year-over-year basis. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the company. Altus Wealth Group LLC boosted its position in Cleveland-Cliffs by 7.2% during the third quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock worth $152,000 after acquiring an additional 800 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Cleveland-Cliffs by 7.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock worth $201,000 after purchasing an additional 949 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Cleveland-Cliffs by 16.2% during the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock worth $129,000 after purchasing an additional 1,173 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Cleveland-Cliffs by 3.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company’s stock valued at $515,000 after purchasing an additional 1,237 shares during the period. Finally, Sterneck Capital Management LLC increased its stake in Cleveland-Cliffs by 7.6% in the third quarter. Sterneck Capital Management LLC now owns 19,512 shares of the mining company’s stock valued at $249,000 after purchasing an additional 1,378 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

About Cleveland-Cliffs

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.