Cleveland-Cliffs (NYSE:CLF) Trading Up 7.8% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price rose 7.8% during trading on Wednesday . The stock traded as high as $12.71 and last traded at $12.9170. Approximately 6,162,894 shares traded hands during trading, a decline of 65% from the average daily volume of 17,683,854 shares. The stock had previously closed at $11.98.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Citigroup upped their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Morgan Stanley cut their target price on Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. KeyCorp began coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Reduce” and a consensus price target of $11.49.

Cleveland-Cliffs Stock Up 7.5%

The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The firm’s fifty day moving average is $9.59 and its 200-day moving average is $11.33. The stock has a market capitalization of $7.34 billion, a PE ratio of -5.49 and a beta of 2.00.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The business had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business’s revenue was up 6.3% on a year-over-year basis. During the same period last year, the business earned ($0.92) EPS. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Focus Partners Wealth acquired a new stake in shares of Cleveland-Cliffs during the 1st quarter worth approximately $339,000. Prudential Financial Inc. boosted its holdings in shares of Cleveland-Cliffs by 27.4% during the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after acquiring an additional 10,733 shares during the period. Russell Investments Group Ltd. grew its position in shares of Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock worth $1,088,000 after acquiring an additional 6,073 shares during the last quarter. CW Advisors LLC grew its position in shares of Cleveland-Cliffs by 47.4% during the second quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after acquiring an additional 7,127 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Cleveland-Cliffs by 20.3% in the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock worth $23,417,000 after acquiring an additional 520,120 shares during the period. 67.68% of the stock is currently owned by institutional investors.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.