Glj Research Upgrades Cleveland-Cliffs (NYSE:CLF) to Buy

Cleveland-Cliffs (NYSE:CLF) was upgraded by stock analysts at Glj Research from a “sell” rating to a “buy” rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $14.27 price target on the mining company’s stock. Glj Research’s target price would suggest a potential upside of 46.66% from the stock’s current price.

CLF has been the subject of several other research reports. Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Morgan Stanley dropped their price target 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, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $16.93.

Cleveland-Cliffs Trading Down 3.2 %

Shares of NYSE:CLF opened at $9.73 on Tuesday. The company has a market capitalization of $4.81 billion, a PE ratio of -10.03 and a beta of 1.97. Cleveland-Cliffs has a 12-month low of $8.99 and a 12-month high of $22.97. The business has a 50 day moving average of $11.23 and a two-hundred day moving average of $12.75. 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 (NYSE:CLF) last announced its quarterly 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 firm 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 earnings per share. The business’s quarterly revenue was down 18.5% on a year-over-year basis. As a group, analysts forecast that Cleveland-Cliffs will post -0.45 EPS for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently bought and sold shares of the business. National Bank of Canada FI grew its position in shares of Cleveland-Cliffs by 16.2% in the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock valued at $129,000 after purchasing an additional 1,173 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Cleveland-Cliffs by 21.4% in the 2nd quarter. Victory Capital Management Inc. now owns 2,429,738 shares of the mining company’s stock valued at $37,394,000 after buying an additional 428,239 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth $208,000. Quest Partners LLC raised its holdings in shares of Cleveland-Cliffs by 49,318.8% during the 2nd quarter. Quest Partners LLC now owns 23,721 shares of the mining company’s stock worth $365,000 after acquiring an additional 23,673 shares during the period. Finally, Prudential PLC acquired a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $369,000. 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.