Cleveland-Cliffs (NYSE:CLF) Shares Up 4.8% – Should You Buy?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price traded up 4.8% during mid-day trading on Monday . The company traded as high as $13.09 and last traded at $13.05. Approximately 2,351,031 shares traded hands during trading, a decline of 77% from the average daily volume of 10,298,145 shares. The stock had previously closed at $12.45.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research report on Monday. They set a “buy” rating and a $16.00 price target for the company. Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.39.

Cleveland-Cliffs Stock Up 3.4 %

The business’s 50 day simple moving average is $12.69 and its 200 day simple moving average is $13.87. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $6.36 billion, a PE ratio of -13.09 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period last year, the business earned $0.54 EPS. The business’s quarterly revenue was down 18.5% on a year-over-year basis. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. increased its position in Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after buying an additional 134,939 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Cleveland-Cliffs in the third quarter valued at approximately $64,000. Arete Wealth Advisors LLC acquired a new stake in Cleveland-Cliffs in the 3rd quarter worth $1,222,000. Neo Ivy Capital Management bought a new position in shares of Cleveland-Cliffs during the 3rd quarter worth about $1,444,000. Finally, First Dallas Securities Inc. raised its position in shares of Cleveland-Cliffs by 27.9% during the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after buying an additional 45,150 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other 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.