Cleveland-Cliffs (NYSE:CLF) Stock Price Up 8.7%

Cleveland-Cliffs Inc. (NYSE:CLF) was up 8.7% during trading on Wednesday . The stock traded as high as $22.37 and last traded at $22.03. Approximately 1,196,467 shares traded hands during trading, a decline of 94% from the average daily volume of 20,465,124 shares. The stock had previously closed at $20.27.

Several research firms have weighed in on CLF. Bank of America began coverage on Cleveland-Cliffs in a research report on Monday, May 17th. They set a “buy” rating and a $25.00 price target on the stock. B. Riley boosted their target price on shares of Cleveland-Cliffs from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, April 26th. KeyCorp cut their price target on shares of Cleveland-Cliffs from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, March 8th. Exane BNP Paribas lowered shares of Cleveland-Cliffs from an “outperform” rating to a “neutral” rating in a research note on Monday, April 19th. Finally, BNP Paribas reiterated a “neutral” rating and issued a $19.20 target price on shares of Cleveland-Cliffs in a research note on Monday, April 26th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $22.07.

The company has a market cap of $11.47 billion, a P/E ratio of -191.33, a price-to-earnings-growth ratio of 0.16 and a beta of 2.29. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.66 and a current ratio of 2.00. The firm has a 50 day moving average price of $19.18.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Wednesday, April 21st. The mining company reported $0.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.14). Cleveland-Cliffs had a negative net margin of 0.32% and a positive return on equity of 10.98%. The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the prior year, the company earned ($0.18) earnings per share. The firm’s revenue was up 1014.2% compared to the same quarter last year. On average, research analysts forecast that Cleveland-Cliffs Inc. will post 4.45 earnings per share for the current fiscal year.

In related news, Director Susan Miranda Green sold 18,000 shares of the business’s stock in a transaction on Tuesday, May 18th. The stock was sold at an average price of $20.39, for a total value of $367,020.00. Following the completion of the sale, the director now directly owns 91,082 shares in the company, valued at approximately $1,857,161.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.34% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Arkadios Wealth Advisors acquired a new stake in Cleveland-Cliffs in the 4th quarter worth about $27,000. Winch Advisory Services LLC bought a new position in shares of Cleveland-Cliffs during the first quarter worth approximately $35,000. Inspire Advisors LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $37,000. IFP Advisors Inc boosted its stake in shares of Cleveland-Cliffs by 18,470.0% in the first quarter. IFP Advisors Inc now owns 1,857 shares of the mining company’s stock valued at $37,000 after buying an additional 1,847 shares during the period. Finally, Archer Investment Corp acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $40,000. 64.42% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs (NYSE:CLF)

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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