Cleveland-Cliffs (NYSE:CLF) Stock Jumps 5.6% – Should You Buy?

by · The Markets Daily

Cleveland-Cliffs Inc. (NYSE:CLF – Get Free Report)’s stock price was up 5.6% during trading on Tuesday. The company traded as high as $13.04 and last traded at $12.9440. Approximately 4,064,344 shares traded hands during trading, a decline of 79% from the average session volume of 19,182,822 shares. The stock had previously closed at $12.26.

Analysts Set New Price Targets

Several brokerages recently weighed in on CLF. Glj Research raised their price target on shares of Cleveland-Cliffs from $15.60 to $17.48 and gave the company a “buy” rating in a research report on Monday, September 21st. B. Riley Financial increased their target price on Cleveland-Cliffs from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, October 22nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $13.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, October 20th. Citigroup upped their price objective on Cleveland-Cliffs from $12.00 to $14.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. Finally, UBS Group set a $13.00 target price on Cleveland-Cliffs in a report on Monday, September 7th. Three research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.60.

Check Out Our Latest Analysis on Cleveland-Cliffs

Cleveland-Cliffs Price Performance

The firm has a market cap of $7.49 billion, a PE ratio of -15.43, a P/E/G ratio of 5.50 and a beta of 1.99. The firm’s fifty day simple moving average is $12.59 and its two-hundred day simple moving average is $11.35. The company has a quick ratio of 0.64, a current ratio of 1.87 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last announced its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.69 billion. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The company’s revenue for the quarter was up 18.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.51) earnings per share. As a group, research analysts expect that Cleveland-Cliffs Inc. will post 0.10 EPS for the current year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Edilson Camara purchased 7,400 shares of the business’s stock in a transaction on Thursday, October 22nd. The stock was acquired at an average price of $13.49 per share, for a total transaction of $99,826.00. Following the purchase, the director owned 64,717 shares of the company’s stock, valued at approximately $873,032.33. This represents a 12.91% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Cleveland-Cliffs in the second quarter worth about $522,766,000. Dimensional Fund Advisors LP raised its stake in Cleveland-Cliffs by 6.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock valued at $130,873,000 after purchasing an additional 925,031 shares during the period. PointState Capital LP purchased a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $61,805,000. Avala Global LP purchased a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $58,325,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Cleveland-Cliffs by 208.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock worth $56,545,000 after purchasing an additional 4,067,994 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Company Profile

(Get Free Report)

Cleveland-Cliffs Inc. is a vertically integrated steel and iron ore company headquartered in Cleveland, Ohio. Its operations span iron ore mining and pellet production, direct-reduced iron and coke production, and steelmaking and finishing. The company makes flat-rolled steel products, including hot-rolled, cold-rolled and coated steel, as well as plate and other specialty products. Its customers serve industries such as automotive, infrastructure, manufacturing and appliances. Founded in 1847 as an iron ore mining company, Cleveland-Cliffs expanded into steelmaking and has built an integrated production network across the United States and Canada.

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