Cleveland-Cliffs Inc. (NYSE:CLF) Receives Average Rating of “Hold” from Analysts

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have earned a consensus recommendation of “Hold” from the eleven ratings firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $11.86.

CLF has been the subject of several research analyst reports. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and lifted their target price for the company from $15.01 to $15.60 in a research note on Friday, July 24th. Bank of America dropped their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company reissued a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. increased its stake in shares of Cleveland-Cliffs by 208.2% in the second quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock worth $56,545,000 after acquiring an additional 4,067,994 shares during the last quarter. GAMMA Investing LLC boosted its position in Cleveland-Cliffs by 60.0% during the second quarter. GAMMA Investing LLC now owns 12,149 shares of the mining company’s stock valued at $114,000 after purchasing an additional 4,557 shares during the last quarter. Moody National Bank Trust Division acquired a new stake in Cleveland-Cliffs during the second quarter valued at $545,000. Versant Capital Management Inc grew its stake in Cleveland-Cliffs by 24.3% in the second quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock valued at $77,000 after purchasing an additional 1,614 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in Cleveland-Cliffs by 25.2% in the first quarter. NewEdge Advisors LLC now owns 123,427 shares of the mining company’s stock valued at $1,043,000 after purchasing an additional 24,868 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.67 on Friday. The company’s fifty day moving average is $11.40 and its two-hundred day moving average is $10.99. The company has a market cap of $6.66 billion, a P/E ratio of -7.20 and a beta of 2.13. Cleveland-Cliffs has a 12-month low of $7.73 and a 12-month high of $16.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $5.15 billion. During the same quarter last year, the firm posted ($0.50) earnings per share. Cleveland-Cliffs’s revenue was up 5.9% compared to the same quarter last year. Equities analysts expect that Cleveland-Cliffs will post -0.11 earnings per share for the current fiscal year.

Cleveland-Cliffs Company Profile

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.