Cleveland-Cliffs (NYSE:CLF) Rating Increased to Strong Sell at Barclays

Cleveland-Cliffs (NYSE:CLF) was upgraded by equities researchers at Barclays to a “strong sell” rating in a research note issued on Thursday,Zacks.com reports.

A number of other brokerages have also recently issued reports on CLF. Citigroup upped their target price on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Glj Research reaffirmed a “sell” rating and issued a $9.42 target price on shares of Cleveland-Cliffs in a report on Monday, March 16th. Wells Fargo & Company lowered their target price on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. JPMorgan Chase & Co. decreased their price target on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $11.49.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $11.19 on Thursday. Cleveland-Cliffs has a 12-month low of $5.63 and a 12-month high of $16.70. The business has a 50-day simple moving average of $9.47 and a two-hundred day simple moving average of $11.32. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The stock has a market cap of $6.38 billion, a PE ratio of -4.78 and a beta of 2.00.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The business had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. During the same quarter in the prior year, the firm earned ($0.92) EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts anticipate that Cleveland-Cliffs will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently made changes to their positions in CLF. Strengthening Families & Communities LLC boosted its holdings in Cleveland-Cliffs by 4,315.6% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,942 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the fourth quarter worth approximately $25,000. IFP Advisors Inc boosted its holdings in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,855 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,214 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.