Cleveland-Cliffs Inc. (NYSE:CLF) Receives Consensus Recommendation of “Hold” from Brokerages

Cleveland-Cliffs Inc. (NYSE:CLF) has been given a consensus rating of “Hold” by the ten research firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $13.4250.

CLF has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Citigroup dropped their price target on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. Glj Research reissued a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. The Goldman Sachs Group upped their target price on Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Finally, Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $12.80 to $17.00 in a research report on Friday.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $12.76 on Monday. Cleveland-Cliffs has a twelve month low of $5.63 and a twelve month high of $16.70. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. The stock’s 50-day simple moving average is $12.33 and its 200 day simple moving average is $11.55. The firm has a market capitalization of $6.31 billion, a PE ratio of -3.75 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the previous year, the firm earned ($0.33) earnings per share. The business’s quarterly revenue was up 3.6% on a year-over-year basis. On average, analysts anticipate that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund boosted its holdings in Cleveland-Cliffs by 0.9% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 99,649 shares of the mining company’s stock worth $1,216,000 after buying an additional 900 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of Cleveland-Cliffs by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after acquiring an additional 943 shares in the last quarter. Moors & Cabot Inc. lifted its position in shares of Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after acquiring an additional 960 shares in the last quarter. 4WEALTH Advisors Inc. boosted its stake in shares of Cleveland-Cliffs by 1.5% in the third quarter. 4WEALTH Advisors Inc. now owns 76,834 shares of the mining company’s stock worth $937,000 after acquiring an additional 1,118 shares during the period. Finally, Deseret Mutual Benefit Administrators grew its position in shares of Cleveland-Cliffs by 72.6% during the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,164 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.