Cleveland-Cliffs (NYSE:CLF) Trading Up 5.7% – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price was up 5.7% on Monday . The stock traded as high as $10.49 and last traded at $10.46. Approximately 13,381,511 shares were traded during trading, a decline of 16% from the average daily volume of 15,991,096 shares. The stock had previously closed at $9.90.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CLF shares. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a research note on Tuesday, January 7th. Citigroup decreased their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $16.93.

Cleveland-Cliffs Stock Up 0.3 %

The company’s fifty day simple moving average is $11.01 and its 200-day simple moving average is $12.60. 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 firm has a market capitalization of $5.06 billion, a PE ratio of -10.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results 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). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the prior year, the firm posted $0.54 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 18.5% compared to the same quarter last year. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Large investors have recently made changes to their positions in the stock. Franklin Resources Inc. grew its holdings in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after buying an additional 134,939 shares during the last quarter. Twelve Points Wealth Management LLC grew its holdings in shares of Cleveland-Cliffs by 58.5% during the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock valued at $1,708,000 after buying an additional 49,359 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Cleveland-Cliffs by 987.0% during the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock valued at $2,644,000 after buying an additional 187,957 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in Cleveland-Cliffs during the third quarter valued at $22,122,000. Finally, First Dallas Securities Inc. lifted its position in Cleveland-Cliffs by 27.9% during the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after purchasing an additional 45,150 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

About Cleveland-Cliffs

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.