Cleveland-Cliffs (NYSE:CLF) Trading Up 4.8% – What’s Next?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) were up 4.8% during mid-day trading on Wednesday . The company traded as high as $12.18 and last traded at $12.3590. Approximately 915,222 shares were traded during trading, a decline of 95% from the average session volume of 18,587,156 shares. The stock had previously closed at $11.79.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of analyst reports. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price target for the stock from $15.01 to $15.60 in a report on Friday, July 24th. JPMorgan Chase & Co. increased their price objective on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, September 9th. Bank of America cut their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Finally, Wells Fargo & Company lifted their target price on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, August 24th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.06.

Cleveland-Cliffs Stock Performance

The company’s fifty day simple moving average is $11.35 and its 200 day simple moving average is $10.77. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $7.05 billion, a P/E ratio of -7.61 and a beta of 2.10.

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

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors have recently added to or reduced their stakes in CLF. IFP Advisors Inc increased 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 valued at $29,000 after purchasing an additional 1,200 shares during the last quarter. Baird Financial Group Inc. lifted its position in shares of Cleveland-Cliffs by 4.2% in the 2nd quarter. Baird Financial Group Inc. now owns 37,026 shares of the mining company’s stock worth $348,000 after buying an additional 1,496 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Cleveland-Cliffs by 24.3% in the 2nd quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock valued at $77,000 after buying an additional 1,614 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Cleveland-Cliffs by 15.2% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,237 shares of the mining company’s stock valued at $176,000 after buying an additional 1,751 shares during the period. Finally, ProShare Advisors LLC grew its position in shares of Cleveland-Cliffs by 8.6% during the 4th quarter. ProShare Advisors LLC now owns 22,847 shares of the mining company’s stock valued at $303,000 after buying an additional 1,805 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.