Cleveland-Cliffs (NYSE:CLF) Rating Increased to Hold at Argus

Cleveland-Cliffs (NYSE:CLF) was upgraded by Argus to a “hold” rating in a report issued on Monday,Zacks.com reports.

CLF has been the topic of several other research reports. KeyCorp began coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Morgan Stanley raised Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $12.80 to $17.00 in a research report on Friday, January 9th. Glj Research reaffirmed a “sell” rating and set a $9.42 price target on shares of Cleveland-Cliffs in a research report on Monday, March 16th. Wells Fargo & Company cut their price target on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 19th. Finally, The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a research report on Wednesday, April 1st. They set a “neutral” rating and a $9.00 price target on the stock. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.99.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $8.71 on Monday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. Cleveland-Cliffs has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The firm has a market capitalization of $4.97 billion, a PE ratio of -2.98 and a beta of 1.91. The stock’s 50-day simple moving average is $10.37 and its 200-day simple moving average is $11.95.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same quarter last year, the company earned ($0.68) EPS. The business’s quarterly revenue was down .3% on a year-over-year basis. As a group, equities research analysts forecast that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 3,000,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total value of $37,260,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Edilson Camara bought 19,700 shares of the stock in a transaction on Friday, February 13th. The stock was bought at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the completion of the purchase, the director directly owned 41,983 shares in the company, valued at approximately $425,287.79. The trade was a 88.41% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 1.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CLF. Strengthening Families & Communities LLC grew its stake in shares of Cleveland-Cliffs by 4,315.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,942 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $25,000. IFP Advisors Inc boosted its stake in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of 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 valued at $33,000 after buying an additional 1,214 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of 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 valued at $33,000 after buying an additional 1,855 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

About Cleveland-Cliffs

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.