Bank of America Issues Positive Forecast for Cleveland-Cliffs (NYSE:CLF) Stock Price

Cleveland-Cliffs (NYSE:CLF) had its target price upped by Bank of America from $12.50 to $14.50 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the mining company’s stock.

CLF has been the subject of several other reports. Weiss Ratings restated a “sell (d)” rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. Morgan Stanley increased their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. The Goldman Sachs Group increased their price target on Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a “buy” rating in a report on Thursday, October 9th. KeyCorp upgraded Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company restated an “underweight” rating and issued a $11.00 price target on shares of Cleveland-Cliffs in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.36.

Cleveland-Cliffs Trading Down 17.4%

NYSE:CLF opened at $13.36 on Tuesday. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $16.70. The business’s 50-day moving average price is $11.85 and its two-hundred day moving average price is $9.45. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $6.61 billion, a price-to-earnings ratio of -3.93 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the firm posted ($0.33) earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. On average, equities analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CLF. GAMMA Investing LLC grew its stake in Cleveland-Cliffs by 61.6% in the first quarter. GAMMA Investing LLC now owns 8,615 shares of the mining company’s stock valued at $71,000 after purchasing an additional 3,285 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Cleveland-Cliffs by 19.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 188,885 shares of the mining company’s stock valued at $1,553,000 after buying an additional 31,083 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Cleveland-Cliffs by 1,293.8% in the first quarter. Exchange Traded Concepts LLC now owns 9,255 shares of the mining company’s stock valued at $76,000 after buying an additional 8,591 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Cleveland-Cliffs by 34.9% in the first quarter. Janney Montgomery Scott LLC now owns 186,950 shares of the mining company’s stock valued at $1,537,000 after buying an additional 48,397 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Cleveland-Cliffs by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company’s stock valued at $465,000 after buying an additional 1,475 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.