StockNews.com Begins Coverage on Cleveland-Cliffs (NYSE:CLF)

StockNews.com started coverage on shares of Cleveland-Cliffs (NYSE:CLF – Get Rating) in a research note published on Thursday. The firm issued a hold rating on the mining company’s stock.

CLF has been the topic of a number of other research reports. Morgan Stanley raised shares of Cleveland-Cliffs from an equal weight rating to an overweight rating and boosted their price objective for the stock from $13.60 to $26.00 in a report on Wednesday, January 11th. B. Riley lowered their price target on Cleveland-Cliffs from $27.00 to $26.00 and set a buy rating on the stock in a report on Wednesday, February 15th. Citigroup lifted their price objective on Cleveland-Cliffs from $16.00 to $22.00 and gave the stock a neutral rating in a report on Monday, February 13th. Bank of America started coverage on Cleveland-Cliffs in a research report on Wednesday, January 4th. They set a neutral rating and a $19.00 target price on the stock. Finally, The Goldman Sachs Group lifted their price target on Cleveland-Cliffs from $18.00 to $23.00 and gave the stock a buy rating in a research note on Wednesday, January 18th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $22.11.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $17.36 on Thursday. The company has a current ratio of 2.09, a quick ratio of 0.65 and a debt-to-equity ratio of 0.53. The business’s 50 day moving average is $20.39 and its two-hundred day moving average is $17.10. The stock has a market capitalization of $8.94 billion, a price-to-earnings ratio of 6.92 and a beta of 2.25. Cleveland-Cliffs has a 12-month low of $11.82 and a 12-month high of $34.04.

Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings data on Monday, February 13th. The mining company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.03. Cleveland-Cliffs had a return on equity of 22.07% and a net margin of 5.81%. The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the company posted $1.78 earnings per share. Cleveland-Cliffs’s quarterly revenue was down 5.6% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs will post 1.77 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Susan Miranda Green sold 8,700 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $22.66, for a total value of $197,142.00. Following the completion of the transaction, the director now owns 87,353 shares of the company’s stock, valued at $1,979,418.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Susan Miranda Green sold 8,700 shares of the firm’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $22.66, for a total transaction of $197,142.00. Following the sale, the director now owns 87,353 shares in the company, valued at $1,979,418.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas C. Taylor sold 42,000 shares of Cleveland-Cliffs stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $21.25, for a total value of $892,500.00. Following the completion of the sale, the director now directly owns 118,469 shares of the company’s stock, valued at approximately $2,517,466.25. The disclosure for this sale can be found here. 1.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of CLF. AXS Investments LLC acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $31,000. Ronald Blue Trust Inc. acquired a new stake in Cleveland-Cliffs during the second quarter worth about $32,000. Destiny Wealth Partners LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth about $32,000. Tyler Stone Wealth Management lifted its stake in shares of Cleveland-Cliffs by 85.3% in the 4th quarter. Tyler Stone Wealth Management now owns 2,173 shares of the mining company’s stock valued at $35,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after purchasing an additional 746 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

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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.