Cleveland-Cliffs (NYSE:CLF) Upgraded at Glj Research

Glj Research upgraded shares of Cleveland-Cliffs (NYSE:CLF) from a sell rating to a buy rating in a research report report published on Tuesday morning, MarketBeat.com reports. Glj Research currently has $14.27 price target on the mining company’s stock.

CLF has been the topic of several other research reports. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target on the stock. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Citigroup lowered their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $16.93.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $9.73 on Tuesday. The business’s 50-day simple moving average is $11.16 and its 200-day simple moving average is $12.73. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs has a 52 week low of $8.99 and a 52 week high of $22.97. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of -10.03 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the previous year, the company earned $0.54 EPS. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, equities research analysts expect that Cleveland-Cliffs will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Cleveland-Cliffs by 1,190.6% in the 4th quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock valued at $50,000 after buying an additional 4,917 shares during the period. Franklin Resources Inc. boosted its position in shares of Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after acquiring an additional 134,939 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Cleveland-Cliffs in the third quarter valued at about $64,000. Arete Wealth Advisors LLC acquired a new position in Cleveland-Cliffs in the third quarter worth about $1,222,000. Finally, Neo Ivy Capital Management bought a new position in Cleveland-Cliffs during the third quarter worth about $1,444,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.