Cleveland-Cliffs (NYSE:CLF) Stock Price Up 6.8% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) shares traded up 6.8% on Wednesday . The stock traded as high as $12.33 and last traded at $12.3250. Approximately 2,346,691 shares changed hands during trading, a decline of 88% from the average session volume of 19,001,582 shares. The stock had previously closed at $11.54.

Analyst Ratings Changes

A number of brokerages have weighed in on CLF. Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. JPMorgan Chase & Co. cut their price objective on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. Morgan Stanley restated an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Finally, Wells Fargo & Company upped their target price on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $11.96.

Cleveland-Cliffs Trading Up 6.1%

The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of -7.53 and a beta of 2.10. The company’s 50 day moving average is $10.89 and its 200 day moving average is $10.66. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The business had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period last year, the business earned ($0.50) earnings per share. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Large investors have recently modified their holdings of the stock. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $25,000. Center for Financial Planning Inc. grew its position in Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after acquiring an additional 1,805 shares during the period. IFP Advisors Inc raised its stake in Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in Cleveland-Cliffs during the second quarter worth $30,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,214 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.