Shares of Cleveland-Cliffs Inc. (NYSE:CLF – Get Free Report) have been given an average rating of “Moderate Buy” by the six research firms that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $21.50.
CLF has been the subject of a number of recent research reports. B. Riley cut their target price on shares of Cleveland-Cliffs from $26.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, September 27th. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Morgan Stanley raised their price target on Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an “overweight” rating in a research report on Tuesday, October 31st. TheStreet upgraded Cleveland-Cliffs from a “c” rating to a “b-” rating in a research report on Wednesday, November 29th. Finally, Citigroup upgraded Cleveland-Cliffs from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Monday, September 25th.
Cleveland-Cliffs Trading Down 0.7 %
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last posted its earnings results on Tuesday, October 24th. The mining company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.10. Cleveland-Cliffs had a net margin of 1.55% and a return on equity of 5.16%. The firm had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.58 billion. During the same period last year, the firm posted $0.29 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down .9% compared to the same quarter last year. On average, equities analysts expect that Cleveland-Cliffs will post 1.14 earnings per share for the current fiscal year.
Institutional Trading of Cleveland-Cliffs
Several institutional investors and hedge funds have recently made changes to their positions in CLF. Natixis Advisors L.P. lifted its position in shares of Cleveland-Cliffs by 39.8% during the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock worth $1,417,000 after purchasing an additional 12,531 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Cleveland-Cliffs during the first quarter worth $486,000. Great West Life Assurance Co. Can lifted its position in shares of Cleveland-Cliffs by 12.7% during the first quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company’s stock worth $8,577,000 after purchasing an additional 29,178 shares during the last quarter. Cibc World Market Inc. lifted its position in shares of Cleveland-Cliffs by 1.1% during the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock worth $1,873,000 after purchasing an additional 623 shares during the last quarter. Finally, Blair William & Co. IL increased its stake in shares of Cleveland-Cliffs by 14.5% during the first quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock valued at $5,405,000 after buying an additional 21,233 shares during the period. 60.97% of the stock is currently owned by institutional investors.
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.
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