Cleveland-Cliffs (NYSE:CLF) Earns Sector Weight Rating from Analysts at KeyCorp

Equities researchers at KeyCorp began coverage on shares of Cleveland-Cliffs (NYSE:CLF) in a research note issued to investors on Wednesday. The firm set a “sector weight” rating on the mining company’s stock.

A number of other research analysts have also recently issued reports on the stock. Citigroup lifted their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Cleveland-Cliffs in a report on Monday, February 9th. Glj Research reiterated a “sell” rating and issued a $9.42 price target on shares of Cleveland-Cliffs in a research note on Monday, March 16th. Wells Fargo & Company lowered their price target on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $13.59.

Cleveland-Cliffs Trading Up 3.6%

Shares of Cleveland-Cliffs stock opened at $8.32 on Wednesday. The company has a quick ratio of 0.50, a current ratio of 1.95 and a debt-to-equity ratio of 1.15. Cleveland-Cliffs has a 12-month low of $5.63 and a 12-month high of $16.70. The company has a market capitalization of $4.75 billion, a price-to-earnings ratio of -2.85 and a beta of 1.99. The firm’s 50-day moving average price is $11.54 and its two-hundred day moving average price is $12.17.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 9th. The mining company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.60 billion. During the same period in the previous year, the company earned ($0.68) EPS. The business’s revenue for the quarter was down .3% compared to the same quarter last year. On average, analysts forecast that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 3,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total value of $37,260,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Edilson Camara purchased 19,700 shares of the stock in a transaction dated Friday, February 13th. The shares were bought at an average price of $10.13 per share, with a total value of $199,561.00. Following the completion of the acquisition, the director directly owned 41,983 shares of the company’s stock, valued at approximately $425,287.79. This represents a 88.41% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds have recently modified their holdings of the company. Strengthening Families & Communities LLC grew its position in Cleveland-Cliffs by 4,315.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,942 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the fourth quarter valued at about $25,000. IFP Advisors Inc boosted its stake in shares of 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 in the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of Cleveland-Cliffs by 306.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew 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 worth $33,000 after purchasing an additional 1,214 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.