Cleveland-Cliffs (NYSE:CLF) Receives “Equal Weight” Rating from Morgan Stanley

Morgan Stanley reissued their equal weight rating on shares of Cleveland-Cliffs (NYSE:CLF) in a report issued on Tuesday morning, Benzinga reports. Morgan Stanley currently has a $15.00 price objective on the mining company’s stock.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an overweight rating to a neutral rating and decreased their price target for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Seaport Res Ptn raised Cleveland-Cliffs from a hold rating to a strong-buy rating in a research note on Tuesday, August 27th. Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a research note on Monday, May 20th. They issued a buy rating and a $22.00 price objective on the stock. B. Riley reiterated a buy rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, Citigroup cut their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a neutral rating for the company in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $17.75.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.81 on Tuesday. The stock has a 50-day moving average price of $13.64 and a 200 day moving average price of $16.73. The stock has a market capitalization of $5.62 billion, a P/E ratio of 15.96, a P/E/G ratio of 21.57 and a beta of 1.97. Cleveland-Cliffs has a 12-month low of $10.21 and a 12-month high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period last year, the firm posted $0.69 EPS. The company’s revenue was down 14.9% on a year-over-year basis. Equities research analysts forecast that Cleveland-Cliffs will post 0.01 EPS for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

Institutional investors have recently bought and sold shares of the stock. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs in the second quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new stake in Cleveland-Cliffs in the 2nd quarter worth about $31,000. Gradient Investments LLC raised its position in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares during the period. Rise Advisors LLC lifted its stake in Cleveland-Cliffs by 2,858.0% in the first 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 last quarter. Finally, Hexagon Capital Partners LLC boosted its position in shares of Cleveland-Cliffs by 41.7% during 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. 67.68% of the stock is currently owned by 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.