Cleveland-Cliffs (NYSE:CLF) Shares Gap Up to $8.34

Cleveland-Cliffs Inc (NYSE:CLF)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $8.14, but opened at $8.34. Cleveland-Cliffs shares last traded at $8.46, with a volume of 9,690,548 shares traded.

A number of equities research analysts recently issued reports on CLF shares. Credit Suisse Group decreased their price objective on shares of Cleveland-Cliffs from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Wednesday. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. ValuEngine cut shares of Cleveland-Cliffs from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. Finally, Cowen set a $10.00 price objective on shares of Cleveland-Cliffs and gave the stock a “hold” rating in a report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $11.56.

The company has a debt-to-equity ratio of 7.37, a current ratio of 2.56 and a quick ratio of 1.81. The stock’s fifty day simple moving average is $8.54 and its 200-day simple moving average is $9.69. The company has a market capitalization of $2.29 billion, a P/E ratio of 3.97 and a beta of 2.15.



Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Friday, July 19th. The mining company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.11. Cleveland-Cliffs had a net margin of 50.72% and a return on equity of 238.16%. The company had revenue of $697.40 million during the quarter, compared to analysts’ expectations of $624.23 million. During the same period in the prior year, the company earned $0.55 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, research analysts predict that Cleveland-Cliffs Inc will post 1.7 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, October 4th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Thursday, October 3rd. Cleveland-Cliffs’s dividend payout ratio (DPR) is 11.27%.

In other news, CFO Keith Koci purchased 30,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $8.39 per share, for a total transaction of $251,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 74,349 shares of the company’s stock, valued at $623,788.11. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John T. Baldwin purchased 9,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were purchased at an average price of $7.27 per share, with a total value of $65,430.00. Following the completion of the acquisition, the director now directly owns 123,727 shares of the company’s stock, valued at $899,495.29. The disclosure for this purchase can be found here. Insiders have acquired 67,500 shares of company stock valued at $551,320 over the last 90 days. Corporate insiders own 1.32% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital Wealth Planning LLC acquired a new position in shares of Cleveland-Cliffs during the second quarter valued at about $424,000. BB&T Securities LLC raised its position in shares of Cleveland-Cliffs by 6.3% during the second quarter. BB&T Securities LLC now owns 185,115 shares of the mining company’s stock valued at $1,975,000 after buying an additional 10,893 shares during the last quarter. Globeflex Capital L P acquired a new position in shares of Cleveland-Cliffs during the first quarter valued at about $99,000. Stevens Capital Management LP acquired a new position in shares of Cleveland-Cliffs during the first quarter valued at about $139,000. Finally, National Asset Management Inc. raised its position in shares of Cleveland-Cliffs by 36.5% during the first quarter. National Asset Management Inc. now owns 20,201 shares of the mining company’s stock valued at $202,000 after buying an additional 5,401 shares during the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs (NYSE:CLF)

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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