Cleveland-Cliffs (NYSE:CLF) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cleveland-Cliffs (NYSE:CLF) from a hold rating to a buy rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Other analysts have also recently issued research reports about the stock. B. Riley Financial boosted their target price on shares of Cleveland-Cliffs from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group set a $13.00 price target on Cleveland-Cliffs in a research note on Monday, September 7th. The Goldman Sachs Group reissued a “neutral” rating and set a $13.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, October 20th. Bank of America reduced their price objective 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, Morgan Stanley boosted their price objective on Cleveland-Cliffs from $12.50 to $14.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 20th. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $13.82.

Cleveland-Cliffs Trading Down 3.6%

Shares of Cleveland-Cliffs stock opened at $13.40 on Friday. The firm has a market capitalization of $7.65 billion, a PE ratio of -15.77, a price-to-earnings-growth ratio of 5.29 and a beta of 2.09. The company has a current ratio of 1.87, a quick ratio of 0.64 and a debt-to-equity ratio of 1.28. The firm’s 50 day moving average is $12.19 and its 200 day moving average is $11.37. Cleveland-Cliffs has a 1 year low of $7.73 and a 1 year high of $15.35.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.69 billion. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The firm’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.51) EPS. Equities research analysts forecast that Cleveland-Cliffs will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Edilson Camara bought 7,400 shares of Cleveland-Cliffs stock in a transaction on Thursday, October 22nd. The shares were purchased at an average cost of $13.49 per share, with a total value of $99,826.00. Following the acquisition, the director directly owned 64,717 shares of the company’s stock, valued at $873,032.33. The trade was a 12.91% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Cleveland-Cliffs during the second quarter worth $522,766,000. Dimensional Fund Advisors LP increased its holdings in Cleveland-Cliffs by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock valued at $130,873,000 after purchasing an additional 925,031 shares during the period. PointState Capital LP acquired a new stake in Cleveland-Cliffs in the second quarter valued at $61,805,000. Avala Global LP bought a new position in Cleveland-Cliffs during the 2nd quarter worth $58,325,000. Finally, Assenagon Asset Management S.A. raised its position in Cleveland-Cliffs by 208.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock worth $56,545,000 after purchasing an additional 4,067,994 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.