StockNews.com Upgrades Cleveland-Cliffs (NYSE:CLF) to “Buy”

Cleveland-Cliffs (NYSE:CLFGet Free Report) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

A number of other research analysts also recently issued reports on CLF. Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an “overweight” rating in a research report on Tuesday, October 31st. TheStreet raised shares of Cleveland-Cliffs from a “c” rating to a “b-” rating in a report on Wednesday, November 29th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Moderate Buy” and an average price target of $21.63.

Read Our Latest Analysis on CLF

Cleveland-Cliffs Trading Down 0.4 %

Cleveland-Cliffs stock opened at $20.04 on Tuesday. The firm’s 50-day moving average is $18.75 and its 200-day moving average is $16.77. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.71 and a current ratio of 2.11. Cleveland-Cliffs has a 1 year low of $13.61 and a 1 year high of $22.83. The company has a market cap of $10.12 billion, a P/E ratio of 26.03 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last posted its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.81%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same period last year, the firm posted ($0.30) EPS. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. On average, equities analysts expect that Cleveland-Cliffs will post 2.24 earnings per share for the current year.

Institutional Trading of Cleveland-Cliffs

A number of large investors have recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich increased its stake in Cleveland-Cliffs by 98,060.0% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,926,399 shares of the mining company’s stock valued at $65,806,000 after buying an additional 3,922,399 shares during the period. State Street Corp increased its stake in Cleveland-Cliffs by 18.6% during the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after buying an additional 3,295,448 shares during the period. Norges Bank acquired a new position in Cleveland-Cliffs during the 4th quarter valued at about $50,678,000. Encompass Capital Advisors LLC acquired a new position in Cleveland-Cliffs during the 2nd quarter valued at about $49,233,000. Finally, Vanguard Group Inc. increased its stake in Cleveland-Cliffs by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company’s stock valued at $1,433,561,000 after buying an additional 2,276,018 shares during the period. Institutional investors and hedge funds own 60.97% of the company’s stock.

About Cleveland-Cliffs

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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