Cleveland-Cliffs (NYSE:CLF) Trading Up 6.9%

Cleveland-Cliffs Inc. (NYSE:CLF) was up 6.9% during mid-day trading on Tuesday . The stock traded as high as $12.69 and last traded at $12.69. Approximately 2,900,932 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 9,738,741 shares. The stock had previously closed at $11.87.

Analyst Ratings Changes

Several equities analysts have issued reports on CLF shares. Bank of America decreased their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. B. Riley reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Morgan Stanley reduced their price objective on shares of 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. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

The firm has a market capitalization of $6.01 billion, a P/E ratio of 17.15, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The company’s 50 day moving average is $13.25 and its 200-day moving average is $16.43. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. The business’s revenue was down 14.9% on a year-over-year basis. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its holdings in Cleveland-Cliffs by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after buying an additional 476 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after buying an additional 500 shares during the last quarter. InterOcean Capital Group LLC raised its holdings in shares of Cleveland-Cliffs by 4.1% in the first quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock valued at $462,000 after purchasing an additional 805 shares during the last quarter. J.W. Cole Advisors Inc. raised its holdings in shares of Cleveland-Cliffs by 3.6% in the first quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock valued at $559,000 after purchasing an additional 845 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in shares of Cleveland-Cliffs by 7.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after purchasing an additional 949 shares during the last quarter. Institutional investors and hedge funds 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.