Cleveland-Cliffs (NYSE:CLF) Shares Gap Up – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price gapped up prior to trading on Monday . The stock had previously closed at $10.04, but opened at $10.87. Cleveland-Cliffs shares last traded at $11.17, with a volume of 13,578,980 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CLF shares. Citigroup lowered their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a report on Tuesday, January 7th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $16.68.

Cleveland-Cliffs Trading Down 4.7 %

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’s fifty day simple moving average is $10.25 and its 200-day simple moving average is $11.86. The firm has a market cap of $5.57 billion, a PE ratio of -11.63 and a beta of 1.96.

Institutional Trading of Cleveland-Cliffs

Several institutional investors have recently modified their holdings of CLF. Vanguard Group Inc. raised its stake in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the period. Pacer Advisors Inc. boosted its stake in Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the period. Bank of New York Mellon Corp boosted its stake in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the period. Drexel Morgan & Co. raised its position in Cleveland-Cliffs by 34.4% during the 4th quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company’s stock worth $40,424,000 after buying an additional 1,100,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Cleveland-Cliffs by 11.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company’s stock worth $39,256,000 after buying an additional 425,041 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.