Cleveland-Cliffs (NYSE:CLF) Now Covered by Analysts at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs (NYSE:CLF) in a research note released on Monday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $16.00 price objective on the mining company’s stock.

Several other research firms have also recently issued reports on CLF. Morgan Stanley cut their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Citigroup decreased their price objective 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. Three analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus target price of $17.39.

Cleveland-Cliffs Trading Up 3.1 %

NYSE CLF opened at $12.83 on Monday. The stock has a 50-day moving average of $12.69 and a 200-day moving average of $13.87. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs has a 1-year low of $10.21 and a 1-year high of $22.97. The firm has a market cap of $6.34 billion, a PE ratio of -13.09 and a beta of 1.97.

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

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently modified their holdings of the stock. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 299.8% during the 3rd 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. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs in the second quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Cleveland-Cliffs in the second quarter worth $31,000. Gradient Investments LLC raised its position in shares of Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares during the period. Finally, Darwin Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. 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.