Cleveland-Cliffs’ (CLF) “Sell” Rating Reiterated at Glj Research

Glj Research reaffirmed their sell rating on shares of Cleveland-Cliffs (NYSE:CLF) in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage currently has a $5.75 price objective on the mining company’s stock.

Several other analysts have also issued reports on CLF. Citigroup upped their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. The Goldman Sachs Group increased their target price on Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a report on Thursday, October 9th. Weiss Ratings restated a “sell (d)” rating on shares of Cleveland-Cliffs in a research report on Wednesday, October 8th. Bank of America lifted their price target on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, KeyCorp upgraded Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a research report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $12.36.

Cleveland-Cliffs Trading Up 0.5%

CLF stock opened at $13.07 on Tuesday. The company has a market capitalization of $6.46 billion, a PE ratio of -3.84 and a beta of 1.96. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. Cleveland-Cliffs has a one year low of $5.63 and a one year high of $16.70. The company’s 50 day moving average price is $11.94 and its two-hundred day moving average price is $9.52.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The company had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the prior year, the company earned ($0.33) EPS. The firm’s revenue was up 3.6% on a year-over-year basis. As a group, analysts predict that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in shares of Cleveland-Cliffs by 84.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 8,726 shares of the mining company’s stock valued at $106,000 after buying an additional 4,000 shares in the last quarter. KLP Kapitalforvaltning AS lifted its position in Cleveland-Cliffs by 25.5% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 139,387 shares of the mining company’s stock valued at $1,711,000 after acquiring an additional 28,300 shares during the period. Louisiana State Employees Retirement System boosted its stake in Cleveland-Cliffs by 1.0% during the third quarter. Louisiana State Employees Retirement System now owns 137,700 shares of the mining company’s stock worth $1,680,000 after acquiring an additional 1,300 shares in the last quarter. Daymark Wealth Partners LLC bought a new stake in Cleveland-Cliffs during the third quarter worth about $125,000. Finally, Riverbend Wealth Management LLC purchased a new stake in Cleveland-Cliffs in the third quarter worth about $134,000. 67.68% of the stock is owned by institutional investors.

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.