Cleveland-Cliffs (NYSE:CLF) Research Coverage Started at KeyCorp

KeyCorp began coverage on shares of Cleveland-Cliffs (NYSE:CLF) in a research note issued to investors on Wednesday. The brokerage issued a sector weight rating on the mining company’s stock.

Several other research firms have also weighed in on CLF. Citigroup increased their target price on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Glj Research restated a “sell” rating and set a $9.42 target price on shares of Cleveland-Cliffs in a research report on Monday, March 16th. The Goldman Sachs Group reiterated a “buy” rating and issued a $15.00 price target on shares of Cleveland-Cliffs in a research report on Monday, February 9th. Morgan Stanley raised shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $12.80 to $17.00 in a research note on Friday, January 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.59.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $8.12 on Wednesday. The company has a quick ratio of 0.50, a current ratio of 1.95 and a debt-to-equity ratio of 1.15. Cleveland-Cliffs has a 12 month low of $5.63 and a 12 month high of $16.70. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -2.78 and a beta of 1.99. The stock has a 50-day moving average price of $11.20 and a 200 day moving average price of $12.10.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.60 billion. During the same period in the previous year, the firm posted ($0.68) earnings per share. Cleveland-Cliffs’s revenue for the quarter was down .3% compared to the same quarter last year. Research analysts expect that Cleveland-Cliffs will post -0.79 EPS for the current year.

Insider Transactions at Cleveland-Cliffs

In other news, Director Edilson Camara bought 19,700 shares of the stock in a transaction on Friday, February 13th. The stock was purchased at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the acquisition, the director owned 41,983 shares in the company, valued at approximately $425,287.79. This trade represents a 88.41% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Lourenco Goncalves sold 3,000,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total value of $37,260,000.00. The SEC filing for this sale provides additional information. 1.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently bought and sold shares of CLF. Strengthening Families & Communities LLC boosted its stake in shares of Cleveland-Cliffs by 4,315.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,942 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $25,000. IFP Advisors Inc increased its position in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after purchasing an additional 1,200 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Cleveland-Cliffs by 306.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,855 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,214 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.