Cleveland-Cliffs (NYSE:CLF) Shares Up 5.6% – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price traded up 5.6% on Tuesday . The stock traded as high as $10.52 and last traded at $10.45. 5,197,359 shares changed hands during trading, a decline of 61% from the average session volume of 13,202,906 shares. The stock had previously closed at $9.90.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CLF. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a report on Tuesday. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective on the stock. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $16.93.

Cleveland-Cliffs Trading Up 1.7 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The business’s 50 day moving average price is $11.37 and its two-hundred day moving average price is $12.81. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of -10.38 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of the business. Strengthening Families & Communities LLC lifted its position in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares in the last quarter. Altshuler Shaham Ltd acquired a new position in Cleveland-Cliffs during the second quarter valued at approximately $26,000. Darwin Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs during the third quarter worth approximately $34,000. Finally, Blue Trust Inc. grew its position in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after purchasing an additional 2,539 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.