Cleveland-Cliffs (NYSE:CLF) Upgraded by Wells Fargo & Company to Equal Weight Rating

Wells Fargo & Company upgraded shares of Cleveland-Cliffs (NYSE:CLF) from an underweight rating to an equal weight rating in a research report report published on Friday, Marketbeat reports. Wells Fargo & Company currently has $12.00 price objective on the mining company’s stock, up from their previous price objective of $11.00.

Other equities analysts have also issued research reports about the company. Morgan Stanley boosted their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Bank of America lifted their price target on Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a report on Tuesday, October 21st. Glj Research reissued a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. Finally, Citigroup reduced their target price on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $12.78.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded up $0.20 during trading hours on Friday, hitting $10.71. 15,489,074 shares of the stock were exchanged, compared to its average volume of 25,890,498. The stock has a market capitalization of $5.30 billion, a P/E ratio of -3.15 and a beta of 2.07. The business’s 50-day moving average is $12.28 and its two-hundred day moving average is $10.00. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. Cleveland-Cliffs has a 12 month low of $5.63 and a 12 month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. The company had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. Cleveland-Cliffs’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.33) earnings per share. Equities research analysts expect that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently modified their holdings of the business. Strengthening Families & Communities LLC grew its holdings in Cleveland-Cliffs by 4,315.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,942 shares during the period. Deseret Mutual Benefit Administrators lifted its stake in shares of Cleveland-Cliffs by 72.6% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,164 shares during the period. Trust Co. of Toledo NA OH bought a new position in shares of Cleveland-Cliffs in the 2nd quarter worth $27,000. Atwood & Palmer Inc. acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth $27,000. Finally, Winch Advisory Services LLC increased its holdings in Cleveland-Cliffs by 131.3% in the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock valued at $31,000 after purchasing an additional 2,310 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Company Profile

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.