Cleveland-Cliffs (CLF) Debt Trading 1.1% Lower

An issue of Cleveland-Cliffs Inc (NYSE:CLF) bonds fell 1.1% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 5.75% coupon and will mature on March 1, 2025. The bonds in the issue are now trading at $95.44 and were trading at $97.00 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

Several research firms recently weighed in on CLF. B. Riley restated a “buy” rating and set a $12.00 price target (up from $11.00) on shares of Cleveland-Cliffs in a report on Friday, March 2nd. ValuEngine upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Vertical Group cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Wednesday, March 14th. Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Tuesday, March 20th. They set a “neutral” rating and a $8.00 price target on the stock. Finally, Jefferies Financial Group restated a “buy” rating and set a $9.50 price target on shares of Cleveland-Cliffs in a report on Friday, April 20th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $9.80.

CLF stock traded down $0.17 during mid-day trading on Wednesday, hitting $8.36. The company had a trading volume of 10,831,788 shares, compared to its average volume of 12,095,227. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 16.72 and a beta of 1.67. The company has a debt-to-equity ratio of -4.76, a quick ratio of 2.37 and a current ratio of 3.32. Cleveland-Cliffs Inc has a 12 month low of $5.60 and a 12 month high of $9.15.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Friday, April 20th. The mining company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.13. The business had revenue of $239.00 million for the quarter, compared to analyst estimates of $177.93 million. Cleveland-Cliffs had a net margin of 15.12% and a negative return on equity of 40.15%. The company’s revenue for the quarter was down 48.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 earnings per share. analysts forecast that Cleveland-Cliffs Inc will post 1.59 earnings per share for the current year.

In related news, Director Eric M. Rychel acquired 5,000 shares of the stock in a transaction on Friday, April 27th. The shares were acquired at an average price of $7.48 per share, with a total value of $37,400.00. Following the completion of the transaction, the director now owns 19,845 shares in the company, valued at approximately $148,440.60. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.89% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in Cleveland-Cliffs by 4.0% in the fourth quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock worth $145,592,000 after acquiring an additional 774,210 shares during the period. Millennium Management LLC raised its position in Cleveland-Cliffs by 719.1% in the first quarter. Millennium Management LLC now owns 8,333,410 shares of the mining company’s stock worth $57,917,000 after acquiring an additional 7,315,995 shares during the period. Dimensional Fund Advisors LP raised its position in Cleveland-Cliffs by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 6,499,915 shares of the mining company’s stock worth $45,174,000 after acquiring an additional 129,044 shares during the period. Luminus Management LLC raised its position in Cleveland-Cliffs by 23.9% in the fourth quarter. Luminus Management LLC now owns 3,754,600 shares of the mining company’s stock worth $27,071,000 after acquiring an additional 725,400 shares during the period. Finally, Northern Trust Corp raised its position in Cleveland-Cliffs by 0.4% in the first quarter. Northern Trust Corp now owns 3,525,249 shares of the mining company’s stock worth $24,501,000 after acquiring an additional 13,074 shares during the period. 65.02% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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