Cleveland-Cliffs’ (CLF) Neutral Rating Reaffirmed at Credit Suisse Group

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Credit Suisse Group reaffirmed their neutral rating on shares of Cleveland-Cliffs (NYSE:CLF) in a research note issued to investors on Monday, October 15th, Marketbeat Ratings reports. They currently have a $13.00 price objective on the mining company’s stock.

Several other equities analysts also recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Cleveland-Cliffs from a neutral rating to an overweight rating in a report on Monday, July 23rd. Zacks Investment Research downgraded shares of Cleveland-Cliffs from a strong-buy rating to a hold rating in a report on Tuesday, September 18th. Jefferies Financial Group upgraded shares of Cleveland-Cliffs to a buy rating and set a $13.00 price objective on the stock in a report on Friday, September 7th. ValuEngine upgraded shares of Cleveland-Cliffs from a sell rating to a hold rating in a report on Wednesday, September 12th. Finally, Citigroup upped their price objective on shares of Cleveland-Cliffs from $12.00 to $15.00 and gave the company a buy rating in a report on Friday, October 5th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $11.55.

CLF traded down $0.61 during trading on Monday, reaching $9.83. 10,452,341 shares of the stock were exchanged, compared to its average volume of 10,741,389. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 19.66 and a beta of 1.63. Cleveland-Cliffs has a twelve month low of $5.60 and a twelve month high of $13.10.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The firm had revenue of $742.00 million for the quarter, compared to analyst estimates of $736.06 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. Cleveland-Cliffs’s quarterly revenue was up 6.3% on a year-over-year basis. On average, analysts predict that Cleveland-Cliffs will post 2.03 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, January 4th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.03%.

Several institutional investors have recently made changes to their positions in the company. Ruffer LLP boosted its position in shares of Cleveland-Cliffs by 15.9% in the third quarter. Ruffer LLP now owns 16,040,992 shares of the mining company’s stock valued at $202,996,000 after acquiring an additional 2,198,515 shares during the period. Fisher Asset Management LLC bought a new stake in Cleveland-Cliffs during the third quarter worth about $108,480,000. Millennium Management LLC lifted its position in Cleveland-Cliffs by 719.1% during the first quarter. Millennium Management LLC now owns 8,333,410 shares of the mining company’s stock worth $57,917,000 after purchasing an additional 7,315,995 shares during the period. Dimensional Fund Advisors LP lifted its position in Cleveland-Cliffs by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 6,499,915 shares of the mining company’s stock worth $45,174,000 after purchasing an additional 129,044 shares during the period. Finally, Northern Trust Corp lifted its position in Cleveland-Cliffs by 1.8% during the second quarter. Northern Trust Corp now owns 3,587,377 shares of the mining company’s stock worth $30,242,000 after purchasing an additional 62,128 shares during the period. 71.48% of the stock is owned by institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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