Cleveland-Cliffs (NYSE:CLF) Upgraded at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Cleveland-Cliffs (NYSE:CLFFree Report) to a hold rating in a report released on Tuesday, Zacks.com reports. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.04 EPS, Q3 2024 earnings at $0.09 EPS, Q4 2024 earnings at $0.11 EPS, FY2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.24 EPS, Q2 2025 earnings at $0.27 EPS, Q3 2025 earnings at $0.23 EPS, Q4 2025 earnings at $0.15 EPS and FY2025 earnings at $0.88 EPS.

CLF has been the topic of a number of other reports. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an overweight rating to a neutral rating and dropped their price objective for the stock from $23.00 to $17.00 in a report on Tuesday. StockNews.com lowered Cleveland-Cliffs from a buy rating to a hold rating in a report on Friday, April 26th. BNP Paribas downgraded Cleveland-Cliffs from a neutral rating to an underperform rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. B. Riley dropped their target price on Cleveland-Cliffs from $25.00 to $24.00 and set a buy rating on the stock in a research report on Tuesday, April 30th. Finally, Citigroup downgraded Cleveland-Cliffs from a buy rating to a neutral rating and set a $22.00 price target for the company. in a research report on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $19.79.

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Cleveland-Cliffs Stock Down 1.4 %

NYSE:CLF opened at $14.87 on Tuesday. Cleveland-Cliffs has a 1 year low of $13.84 and a 1 year high of $22.97. The stock has a 50-day moving average price of $18.28 and a two-hundred day moving average price of $19.19. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 0.55 and a beta of 2.08. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. Cleveland-Cliffs’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. As a group, equities analysts expect that Cleveland-Cliffs will post 0.61 earnings per share for the current year.

Cleveland-Cliffs announced that its board has approved a stock repurchase plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CEO Lourenco Goncalves bought 60,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were acquired at an average cost of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cleveland-Cliffs news, CEO Lourenco Goncalves purchased 60,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the acquisition, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ron A. Bloom purchased 25,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $425,000.00. Following the transaction, the director now owns 59,900 shares of the company’s stock, valued at $1,018,300. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 98,950 shares of company stock valued at $1,639,638. 1.76% of the stock is owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds have recently added to or reduced their stakes in the business. Anchor Investment Management LLC acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth about $31,000. Lindbrook Capital LLC lifted its position in Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares during the last quarter. Rise Advisors LLC boosted its holdings in shares of Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares during the period. HighMark Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $35,000. Finally, Allworth Financial LP increased its stake in shares of Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after purchasing an additional 619 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

About Cleveland-Cliffs

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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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