Cleveland-Cliffs’ (CLF) “Buy” Rating Reiterated at Glj Research

Glj Research reaffirmed their buy rating on shares of Cleveland-Cliffs (NYSE:CLF) in a research report sent to investors on Friday,Benzinga reports. They currently have a $15.60 price target on the mining company’s stock.

Several other brokerages have also recently weighed in on CLF. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, September 9th. Barclays lifted their target price on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Bank of America cut their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Finally, Wells Fargo & Company raised their price target 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 research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $12.06.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $12.53 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. Cleveland-Cliffs has a 1-year low of $7.73 and a 1-year high of $16.70. The business has a 50 day simple moving average of $11.53 and a two-hundred day simple moving average of $10.80. The stock has a market capitalization of $7.15 billion, a PE ratio of -7.73 and a beta of 2.10.

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

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Cleveland-Cliffs in the second quarter worth $522,766,000. Castle Hook Partners LP grew its holdings in shares of Cleveland-Cliffs by 572.4% in the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after purchasing an additional 15,393,507 shares during the last quarter. Geode Capital Management LLC increased its stake in Cleveland-Cliffs by 14.7% in the 4th quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock worth $133,372,000 after buying an additional 1,286,042 shares during the period. Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs by 6.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock worth $130,873,000 after buying an additional 925,031 shares during the period. Finally, Turiya Advisors Asia Ltd bought a new stake in Cleveland-Cliffs during the 4th quarter valued at about $96,280,000. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Company Profile

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.