Cleveland-Cliffs (CLF) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Cleveland-Cliffs (NYSE:CLF) from a hold rating to a buy rating in a research note released on Tuesday morning. The firm currently has $14.00 price target on the mining company’s stock.

According to Zacks, “Cleveland-Cliffs has outperformed the industry it belongs to over the past three months. The company remains focused on de-leveraging its balance sheet. The company’s efforts to cut debt should lead to a reduction in its interest expense. Moreover, strong demand for iron ore pellets is likely to lend support to its earnings. The company should also gain from major supply deals and higher steel demand in the United States.”

A number of other brokerages also recently commented on CLF. B. Riley set a $15.00 price objective on Cleveland-Cliffs and gave the stock a buy rating in a research report on Wednesday, September 26th. Macquarie assumed coverage on Cleveland-Cliffs in a research report on Tuesday, June 26th. They set an outperform rating for the company. Seaport Global Securities set a $13.00 price objective on Cleveland-Cliffs and gave the stock a buy rating in a research report on Monday, July 23rd. ValuEngine raised Cleveland-Cliffs from a sell rating to a hold rating in a research report on Friday, July 20th. Finally, Morgan Stanley boosted their price objective on Cleveland-Cliffs from $8.00 to $10.00 and gave the stock an equal weight rating in a research report on Friday, July 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. Cleveland-Cliffs currently has a consensus rating of Buy and a consensus target price of $11.64.

Shares of NYSE:CLF opened at $12.01 on Tuesday. The company has a debt-to-equity ratio of -7.50, a quick ratio of 2.72 and a current ratio of 3.26. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 24.02 and a beta of 1.70. Cleveland-Cliffs has a 1 year low of $5.60 and a 1 year high of $13.10.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Friday, July 20th. The mining company reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.20. The company had revenue of $714.00 million for the quarter, compared to analyst estimates of $653.75 million. Cleveland-Cliffs had a net margin of 20.07% and a negative return on equity of 76.39%. The business’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 earnings per share. Analysts anticipate that Cleveland-Cliffs will post 2.07 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. CIBC World Markets Inc. grew its position in shares of Cleveland-Cliffs by 33.5% during the second quarter. CIBC World Markets Inc. now owns 20,160 shares of the mining company’s stock worth $170,000 after buying an additional 5,060 shares in the last quarter. Ausdal Financial Partners Inc. boosted its holdings in Cleveland-Cliffs by 19.7% in the second quarter. Ausdal Financial Partners Inc. now owns 37,798 shares of the mining company’s stock valued at $319,000 after purchasing an additional 6,231 shares in the last quarter. IndexIQ Advisors LLC boosted its holdings in Cleveland-Cliffs by 39.6% in the second quarter. IndexIQ Advisors LLC now owns 22,491 shares of the mining company’s stock valued at $190,000 after purchasing an additional 6,383 shares in the last quarter. Virginia Retirement Systems ET AL boosted its holdings in Cleveland-Cliffs by 9.1% in the second quarter. Virginia Retirement Systems ET AL now owns 84,700 shares of the mining company’s stock valued at $714,000 after purchasing an additional 7,100 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its holdings in Cleveland-Cliffs by 67.3% in the second quarter. Baird Financial Group Inc. now owns 18,643 shares of the mining company’s stock valued at $157,000 after purchasing an additional 7,500 shares in the last quarter. 67.56% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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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