Cleveland-Cliffs (NYSE:CLF) Stock Price Up 4.8% – Should You Buy?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) traded up 4.8% during mid-day trading on Wednesday . The stock traded as high as $12.18 and last traded at $12.3590. Approximately 915,222 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 18,587,156 shares. The stock had previously closed at $11.79.

Wall Street Analyst Weigh In

CLF has been the topic of a number of recent analyst reports. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and lifted their price target for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Morgan Stanley reiterated an “equal weight” rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Finally, Bank of America cut their price target on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.06.

Cleveland-Cliffs Stock Performance

The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The company has a market cap of $7.29 billion, a PE ratio of -7.88 and a beta of 2.10. The company’s 50 day moving average price is $11.47 and its 200-day moving average price is $10.79.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating 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 business had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the business earned ($0.50) earnings per share. Cleveland-Cliffs’s revenue for the quarter was up 5.9% on a year-over-year basis. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

About Cleveland-Cliffs

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.