Cleveland-Cliffs (NYSE:CLF) Upgraded by Barclays to “Strong Sell” Rating

Barclays upgraded shares of Cleveland-Cliffs (NYSE:CLF) to a strong sell rating in a research report released on Thursday morning,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. KeyCorp assumed coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Glj Research reiterated a “sell” rating and set a $9.42 price objective on shares of Cleveland-Cliffs in a report on Monday, March 16th. Wells Fargo & Company dropped their price objective on shares of Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 19th. Finally, Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $11.49.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $11.19 on Thursday. The firm’s 50-day moving average price is $9.47 and its 200-day moving average price is $11.32. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $16.70. The firm has a market capitalization of $6.38 billion, a P/E ratio of -4.78 and a beta of 2.00. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same quarter in the prior year, the business earned ($0.92) earnings per share. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts anticipate that Cleveland-Cliffs will post -0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CLF. Strengthening Families & Communities LLC lifted its stake in shares of Cleveland-Cliffs by 4,315.6% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,942 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs in the fourth quarter valued at $25,000. Center for Financial Planning Inc. lifted its stake in shares of Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after buying an additional 1,805 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,214 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Company Profile

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.