Cleveland-Cliffs (NYSE:CLF) Raised to Buy at Glj Research

Cleveland-Cliffs (NYSE:CLF) was upgraded by research analysts at Glj Research from a “sell” rating to a “buy” rating in a report released on Tuesday, MarketBeat.com reports. The firm currently has a $14.27 price objective on the mining company’s stock. Glj Research’s target price would indicate a potential upside of 46.66% from the stock’s previous close.

A number of other research analysts also recently issued reports on CLF. Morgan Stanley cut their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Citigroup reduced their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.93.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $9.73 on Tuesday. Cleveland-Cliffs has a 12 month low of $8.99 and a 12 month high of $22.97. The stock’s fifty day moving average price is $11.23 and its 200-day moving average price is $12.75. The firm has a market cap of $4.81 billion, a P/E ratio of -10.03 and a beta of 1.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

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

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the period. Barclays PLC boosted its position in Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after buying an additional 2,176,837 shares during the last quarter. AQR Capital Management LLC increased its holdings in Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after buying an additional 2,027,757 shares during the period. Finally, Rockefeller Capital Management L.P. purchased a new position in Cleveland-Cliffs during the 3rd quarter worth approximately $22,122,000. 67.68% of the stock is owned by institutional investors and hedge funds.

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.