Cleveland-Cliffs (NYSE:CLF) Shares Gap Up – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF) shares gapped up prior to trading on Tuesday. The stock had previously closed at $12.20, but opened at $12.88. Cleveland-Cliffs shares last traded at $12.2360, with a volume of 2,604,524 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CLF shares. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $12.00 to $14.00 in a research note on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, September 9th. Barclays raised their price objective on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Glj Research upped their target price on shares of Cleveland-Cliffs from $15.60 to $17.48 and gave the company a “buy” rating in a research note on Monday, September 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $12.45.

Cleveland-Cliffs Trading Up 1.5%

The stock has a market cap of $7.07 billion, a P/E ratio of -7.65 and a beta of 2.09. The firm’s 50 day simple moving average is $11.92 and its two-hundred day simple moving average is $10.98. 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 posted its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period last year, the firm posted ($0.50) EPS. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Cleveland-Cliffs during the second quarter worth approximately $522,766,000. Castle Hook Partners LP increased its position in shares of Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after purchasing an additional 15,393,507 shares during the period. Turiya Advisors Asia Ltd acquired a new position in shares of Cleveland-Cliffs during the 4th quarter valued at $96,280,000. PointState Capital LP bought a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth $61,805,000. Finally, Avala Global LP acquired a new stake in shares of Cleveland-Cliffs in the second quarter valued at $58,325,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.