Cleveland-Cliffs (NYSE:CLF – Get Free Report) was upgraded by Glj Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a $15.01 target price on the mining company’s stock, up from their prior target price of $9.03. Glj Research’s price objective would suggest a potential upside of 18.62% from the company’s previous close.
Other analysts have also issued reports about the company. Argus raised Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. Wells Fargo & Company lifted their price target on Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday. Morgan Stanley decreased their price target on Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. Finally, KeyCorp assumed coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $12.55.
View Our Latest Stock Report on Cleveland-Cliffs
Cleveland-Cliffs Price Performance
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The firm had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.84 billion. During the same quarter last year, the firm earned ($0.92) earnings per share. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, research analysts anticipate that Cleveland-Cliffs will post -0.46 earnings per share for the current year.
Insiders Place Their Bets
In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.95% of the stock is owned by company insiders.
Institutional Investors Weigh In On Cleveland-Cliffs
Institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its holdings in shares of Cleveland-Cliffs by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after buying an additional 943 shares in the last quarter. Moors & Cabot Inc. increased its holdings in shares of Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after buying an additional 960 shares in the last quarter. Whitcomb & Hess Inc. increased its holdings in shares of Cleveland-Cliffs by 3.8% in the fourth quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock valued at $357,000 after buying an additional 973 shares in the last quarter. Rexford Capital Inc. increased its holdings in shares of Cleveland-Cliffs by 11.8% in the fourth quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock valued at $126,000 after buying an additional 1,000 shares in the last quarter. Finally, Cidel Asset Management Inc. increased its holdings in shares of Cleveland-Cliffs by 6.0% in the fourth quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock valued at $242,000 after buying an additional 1,037 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.
About Cleveland-Cliffs
Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.
The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.
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