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

Cleveland-Cliffs (NYSE:CLF)‘s stock had its “buy” rating reissued by research analysts at Glj Research in a research report issued on Friday, Benzinga reports. They presently have a $15.60 target price on the mining company’s stock. Glj Research’s price objective would indicate a potential upside of 25.05% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. JPMorgan Chase & Co. increased their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, September 9th. Wells Fargo & Company lifted their target price on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Monday, August 24th. Bank of America lowered their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Finally, UBS Group set a $13.00 price objective on Cleveland-Cliffs in a report on Monday, September 7th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.06.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded down $0.28 during trading on Friday, hitting $12.47. 3,468,404 shares of the company’s stock traded hands, compared to its average volume of 18,540,859. 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 stock has a market capitalization of $7.12 billion, a P/E ratio of -7.68 and a beta of 2.10. The business has a 50-day simple moving average of $11.47 and a 200-day simple moving average of $10.79.

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

Hedge Funds Weigh In On Cleveland-Cliffs

Several large investors have recently made changes to their positions in CLF. BlackRock Inc. bought a new position in shares of Cleveland-Cliffs in the second quarter worth about $522,766,000. Castle Hook Partners LP raised its stake in Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after purchasing an additional 15,393,507 shares during the period. Turiya Advisors Asia Ltd purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $96,280,000. PointState Capital LP purchased a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $61,805,000. Finally, Avala Global LP bought a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $58,325,000. 67.68% of the stock is currently owned by hedge funds and other 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.