Cleveland-Cliffs Inc. (NYSE:CLF) Stock Now Rated “Hold” by Wall Street Analysts

Cleveland-Cliffs Inc. (NYSE:CLF) has earned a consensus recommendation of “Hold” from the eleven brokerages that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $12.35.

Several research firms have recently weighed in on CLF. Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $12.00 to $14.00 in a report on Tuesday, October 6th. UBS Group set a $13.00 price target on shares of Cleveland-Cliffs in a research report on Monday, September 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Finally, Barclays increased their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Friday, July 24th.

Cleveland-Cliffs Trading Down 0.4%

Shares of CLF opened at $12.84 on Wednesday. Cleveland-Cliffs has a twelve month low of $7.73 and a twelve month high of $16.70. The firm has a market capitalization of $7.33 billion, a P/E ratio of -7.93, a price-to-earnings-growth ratio of 6.09 and a beta of 2.09. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The stock’s fifty day simple moving average is $12.02 and its 200 day simple moving average is $11.16.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.50) earnings per share. On average, equities research analysts forecast that Cleveland-Cliffs will post 0.10 earnings per share for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $522,766,000. Castle Hook Partners LP grew its position in shares of Cleveland-Cliffs by 572.4% during the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after buying an additional 15,393,507 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cleveland-Cliffs by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock worth $130,873,000 after buying an additional 925,031 shares during the last quarter. Turiya Advisors Asia Ltd bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $96,280,000. Finally, PointState Capital LP bought a new stake in shares of Cleveland-Cliffs in the second quarter worth $61,805,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.