Cleveland-Cliffs (NYSE:CLF) Shares Gap Up – Time to Buy?

Cleveland-Cliffs Inc. (NYSE:CLF) shares gapped up prior to trading on Tuesday . The stock had previously closed at $12.83, but opened at $13.18. Cleveland-Cliffs shares last traded at $13.07, with a volume of 1,623,836 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently issued reports on CLF. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a report on Monday. They set a “buy” rating and a $16.00 target price on the stock. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.39.

Cleveland-Cliffs Stock Down 0.3 %

The company has a market cap of $6.32 billion, a P/E ratio of -13.23 and a beta of 1.93. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company’s 50-day moving average is $12.71 and its two-hundred day moving average is $13.84.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new stake in Cleveland-Cliffs in the 2nd quarter valued at about $26,000. EverSource Wealth Advisors LLC increased its stake in Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after purchasing an additional 1,343 shares in the last quarter. Strengthening Families & Communities LLC lifted its holdings in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in Cleveland-Cliffs in the 2nd quarter valued at about $31,000. Finally, Gradient Investments LLC boosted its position in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,249 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.