A number of other equities analysts have also recently weighed in on CLF. TheStreet cut Cleveland-Cliffs from a b- rating to a c rating in a report on Tuesday, January 30th. Morgan Stanley raised their price objective on Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an overweight rating in a research note on Tuesday, October 31st. Finally, StockNews.com lowered Cleveland-Cliffs from a buy rating to a hold rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $21.63.
Cleveland-Cliffs Stock Up 0.2 %
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. Cleveland-Cliffs’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.30) EPS. Sell-side analysts expect that Cleveland-Cliffs will post 2.27 earnings per share for the current year.
In other news, Director Ron A. Bloom bought 25,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average cost of $20.24 per share, with a total value of $506,000.00. Following the completion of the acquisition, the director now directly owns 27,221 shares in the company, valued at $550,953.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.57% of the company’s stock.
Hedge Funds Weigh In On Cleveland-Cliffs
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Forum Financial Management LP acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $277,000. Qsemble Capital Management LP acquired a new stake in Cleveland-Cliffs during the 4th quarter worth about $1,970,000. Sound Shore Management Inc. CT boosted its position in Cleveland-Cliffs by 9.0% during the 4th quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock worth $82,446,000 after acquiring an additional 334,739 shares during the period. Thompson Siegel & Walmsley LLC raised its stake in shares of Cleveland-Cliffs by 254.7% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 9,748 shares of the mining company’s stock worth $199,000 after purchasing an additional 7,000 shares in the last quarter. Finally, Kessler Investment Group LLC raised its stake in shares of Cleveland-Cliffs by 1.8% during the 4th quarter. Kessler Investment Group LLC now owns 312,389 shares of the mining company’s stock worth $6,379,000 after purchasing an additional 5,378 shares in the last quarter. Institutional investors and hedge funds own 60.97% of the company’s stock.
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.
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