Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Up 6.1% in September

Cleveland-Cliffs Inc. (NYSE:CLF) saw a significant increase in short interest in September. As of September 30th, there was short interest totalling 48,120,000 shares, an increase of 6.1% from the September 15th total of 45,350,000 shares. Approximately 10.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 11,910,000 shares, the short-interest ratio is presently 4.0 days.

Wall Street Analyst Weigh In

A number of research firms have commented on CLF. Bank of America decreased their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley dropped their target price 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. B. Riley reaffirmed a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Finally, Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Trading Up 4.7 %

CLF traded up $0.61 during trading on Thursday, hitting $13.67. The company’s stock had a trading volume of 11,980,375 shares, compared to its average volume of 9,850,225. Cleveland-Cliffs has a twelve month low of $10.21 and a twelve month high of $22.97. The stock has a market cap of $6.50 billion, a PE ratio of 18.47 and a beta of 1.98. The firm’s 50 day moving average price is $12.55 and its 200-day moving average price is $15.47. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period in the prior year, the firm posted $0.69 earnings per share. The business’s quarterly revenue was down 14.9% compared to the same quarter last year. On average, analysts expect that Cleveland-Cliffs will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of large investors have recently bought and sold shares of CLF. Altshuler Shaham Ltd acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth $26,000. Hobbs Group Advisors LLC purchased a new stake in Cleveland-Cliffs during the second quarter valued at about $31,000. Gradient Investments LLC increased its stake 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. Rise Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the period. Finally, Hexagon Capital Partners LLC raised its holdings in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.