Cleveland-Cliffs (NYSE:CLF) Trading 4.6% Higher

Cleveland-Cliffs Inc. (NYSE:CLF) was up 4.6% during trading on Monday . The company traded as high as $13.96 and last traded at $13.88. Approximately 3,434,868 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 8,929,992 shares. The stock had previously closed at $13.27.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Jefferies Financial Group started coverage on Cleveland-Cliffs in a research note on Monday, May 20th. They issued a “buy” rating and a $22.00 price objective on the stock. B. Riley reiterated a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Bank of America dropped their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Finally, Morgan Stanley dropped their price objective on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $18.94.

Cleveland-Cliffs Stock Up 3.8 %

The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $6.55 billion, a P/E ratio of 18.84, a P/E/G ratio of 1.94 and a beta of 2.03. The stock’s 50-day simple moving average is $14.57 and its 200-day simple moving average is $17.60.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. Cleveland-Cliffs’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 earnings per share. As a group, research analysts predict that Cleveland-Cliffs Inc. will post 0.17 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average price of $14.98 per share, with a total value of $108,605.00. Following the acquisition, the chief financial officer now owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Ben Oren purchased 6,700 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the acquisition, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $14.98 per share, with a total value of $108,605.00. Following the completion of the transaction, the chief financial officer now owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently modified their holdings of the company. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter worth about $31,000. Gradient Investments LLC increased its position in shares of Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares during the last quarter. Rise Advisors LLC boosted its stake in shares of Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its position in Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares during the period. 67.68% 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.