Cleveland-Cliffs Inc. (NYSE:CLF) Receives Average Rating of “Hold” from Analysts

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have earned an average recommendation of “Hold” from the ten brokerages that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $17.56.

CLF has been the topic of a number of research analyst reports. Citigroup lowered their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Morgan Stanley lowered their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pekin Hardy Strauss Inc. acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth about $649,000. Cerity Partners LLC boosted its position in Cleveland-Cliffs by 10.9% during the 3rd quarter. Cerity Partners LLC now owns 366,619 shares of the mining company’s stock worth $4,682,000 after acquiring an additional 35,995 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Cleveland-Cliffs by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock worth $47,902,000 after acquiring an additional 121,389 shares during the period. Pacer Advisors Inc. raised its stake in shares of Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after acquiring an additional 3,110,651 shares in the last quarter. Finally, Landscape Capital Management L.L.C. raised its stake in shares of Cleveland-Cliffs by 74.6% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 24,088 shares of the mining company’s stock valued at $308,000 after acquiring an additional 10,288 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 4.3 %

Cleveland-Cliffs stock opened at $11.99 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average price of $12.61 and a two-hundred day moving average price of $14.38. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of -12.36 and a beta of 1.97. Cleveland-Cliffs has a 52-week low of $10.21 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company’s revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. Sell-side analysts expect that Cleveland-Cliffs will post -0.37 earnings per share for the current year.

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.