Cleveland-Cliffs’ (CLF) “Sell” Rating Reiterated at Glj Research
by Danessa Lincoln · The Markets DailyGlj Research reaffirmed their sell rating on shares of Cleveland-Cliffs (NYSE:CLF – Free Report) in a report published on Monday morning,Benzinga reports. The brokerage currently has a $9.42 target price on the mining company’s stock.
Other analysts have also issued research reports about the company. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $12.80 to $17.00 in a research note on Friday, January 9th. KeyCorp downgraded Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. The Goldman Sachs Group reissued a “buy” rating and set a $15.00 target price on shares of Cleveland-Cliffs in a report on Monday, February 9th. Wall Street Zen raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $13.89.
View Our Latest Research Report on CLF
Cleveland-Cliffs Stock Performance
Shares of CLF opened at $8.17 on Monday. The company has a market cap of $4.66 billion, a PE ratio of -2.80 and a beta of 1.99. The firm has a 50-day moving average of $11.92 and a 200-day moving average of $12.23. Cleveland-Cliffs has a one year low of $5.63 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.95 and a quick ratio of 0.50.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.60 billion. During the same period in the prior year, the firm earned ($0.68) EPS. Cleveland-Cliffs’s quarterly revenue was down .3% compared to the same quarter last year. As a group, equities analysts forecast that Cleveland-Cliffs will post -0.79 earnings per share for the current year.
Insider Activity at Cleveland-Cliffs
In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 3,000,000 shares of Cleveland-Cliffs stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Edilson Camara bought 19,700 shares of the business’s stock in a transaction dated Friday, February 13th. The shares were bought at an average price of $10.13 per share, with a total value of $199,561.00. Following the completion of the transaction, the director owned 41,983 shares in the company, valued at approximately $425,287.79. This trade represents a 88.41% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.71% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the period. State Street Corp raised its position in shares of Cleveland-Cliffs by 14.2% in the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after buying an additional 3,632,150 shares in the last quarter. Castle Hook Partners LP raised its position in shares of Cleveland-Cliffs by 572.4% in 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 buying an additional 15,393,507 shares in the last quarter. Maple Rock Capital Partners Inc. lifted its holdings in shares of Cleveland-Cliffs by 90.1% during the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after acquiring an additional 5,855,830 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Cleveland-Cliffs by 14.7% during the 4th quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock worth $133,372,000 after acquiring an additional 1,286,042 shares during the period. Institutional investors own 67.68% of the company’s stock.
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.