Cleveland-Cliffs (NYSE:CLF) Upgraded to “Hold” by ValuEngine

ValuEngine upgraded shares of Cleveland-Cliffs (NYSE:CLF) from a sell rating to a hold rating in a report issued on Wednesday, ValuEngine reports.

Several other analysts also recently commented on the company. Citigroup dropped their price objective on Cleveland-Cliffs from $10.00 to $8.00 and set a buy rating on the stock in a research note on Wednesday, September 4th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an overweight rating to a neutral rating and dropped their price objective for the stock from $14.00 to $8.00 in a research note on Monday, September 23rd. B. Riley dropped their price objective on Cleveland-Cliffs from $16.00 to $13.00 and set a buy rating on the stock in a research note on Tuesday. Credit Suisse Group dropped their price objective on Cleveland-Cliffs from $14.00 to $12.00 and set an outperform rating on the stock in a research note on Wednesday, September 11th. Finally, Cowen set a $10.00 price objective on Cleveland-Cliffs and gave the stock a hold rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $10.30.

Shares of NYSE:CLF traded up $0.08 during midday trading on Wednesday, hitting $7.38. The company had a trading volume of 18,486,834 shares, compared to its average volume of 10,396,317. Cleveland-Cliffs has a 12 month low of $6.64 and a 12 month high of $12.55. The company has a current ratio of 2.56, a quick ratio of 1.81 and a debt-to-equity ratio of 7.37. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 3.46 and a beta of 2.04. The firm has a fifty day simple moving average of $7.78 and a 200 day simple moving average of $9.39.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Friday, July 19th. The mining company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.11. Cleveland-Cliffs had a return on equity of 238.16% and a net margin of 50.72%. The business had revenue of $697.40 million for the quarter, compared to analyst estimates of $624.23 million. During the same period last year, the company earned $0.55 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. Equities analysts forecast that Cleveland-Cliffs will post 1.34 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, October 4th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 3.25%. The ex-dividend date is Thursday, October 3rd. Cleveland-Cliffs’s payout ratio is presently 11.27%.

In other news, Director John T. Baldwin purchased 6,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $8.70 per share, with a total value of $52,200.00. Following the purchase, the director now directly owns 107,727 shares of the company’s stock, valued at approximately $937,224.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John T. Baldwin purchased 9,000 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was purchased at an average cost of $7.27 per share, for a total transaction of $65,430.00. Following the purchase, the director now directly owns 123,727 shares in the company, valued at $899,495.29. The disclosure for this purchase can be found here. Insiders have purchased a total of 67,500 shares of company stock worth $551,320 in the last ninety days. 1.32% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fisher Asset Management LLC raised its stake in shares of Cleveland-Cliffs by 4.6% in the 2nd quarter. Fisher Asset Management LLC now owns 12,872,970 shares of the mining company’s stock valued at $137,355,000 after purchasing an additional 565,102 shares during the period. Geode Capital Management LLC raised its stake in shares of Cleveland-Cliffs by 9.3% in the 4th quarter. Geode Capital Management LLC now owns 3,148,509 shares of the mining company’s stock valued at $24,212,000 after purchasing an additional 267,622 shares during the period. LSV Asset Management raised its stake in shares of Cleveland-Cliffs by 7,324.1% in the 2nd quarter. LSV Asset Management now owns 2,939,928 shares of the mining company’s stock valued at $31,369,000 after purchasing an additional 2,900,328 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Cleveland-Cliffs by 1.1% in the 1st quarter. Neuberger Berman Group LLC now owns 2,602,952 shares of the mining company’s stock valued at $25,994,000 after purchasing an additional 28,507 shares during the period. Finally, Hodges Capital Management Inc. raised its stake in shares of Cleveland-Cliffs by 31.4% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,363,545 shares of the mining company’s stock valued at $25,219,000 after purchasing an additional 565,405 shares during the period. 81.94% of the stock is currently owned by hedge funds and other institutional investors.

About Cleveland-Cliffs

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.

Further Reading: How are Outstanding Shares Different from Authorized Shares?

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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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