Cleveland-Cliffs Inc. (NYSE:CLF) Given Average Rating of “Hold” by Brokerages

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have received a consensus rating of “Hold” from the twelve analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $20.53.

Several equities research analysts recently commented on the stock. StockNews.com assumed coverage on shares of Cleveland-Cliffs in a report on Thursday, August 17th. They issued a “hold” rating for the company. JPMorgan Chase & Co. began coverage on shares of Cleveland-Cliffs in a report on Tuesday, May 23rd. They issued a “neutral” rating and a $18.00 price target for the company. Finally, B. Riley dropped their target price on shares of Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, August 1st.

Cleveland-Cliffs Stock Performance

CLF opened at $14.43 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.10 and a quick ratio of 0.72. The firm has a fifty day moving average price of $16.00 and a 200 day moving average price of $16.64. Cleveland-Cliffs has a 1 year low of $11.82 and a 1 year high of $22.83. The stock has a market cap of $7.34 billion, a P/E ratio of 32.80 and a beta of 2.23.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, July 24th. The mining company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). The company had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. Cleveland-Cliffs’s revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.31 EPS. Equities research analysts anticipate that Cleveland-Cliffs will post 1.42 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its position in Cleveland-Cliffs by 3.8% in the first quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock valued at $1,034,787,000 after buying an additional 2,041,111 shares during the last quarter. Vanguard Group Inc. lifted its position in Cleveland-Cliffs by 0.9% in the third quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company’s stock valued at $616,355,000 after buying an additional 387,794 shares during the last quarter. State Street Corp lifted its position in Cleveland-Cliffs by 18.6% in the second quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after buying an additional 3,295,448 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cleveland-Cliffs by 2.5% during the second quarter. Geode Capital Management LLC now owns 7,662,500 shares of the mining company’s stock worth $128,217,000 after purchasing an additional 186,299 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Cleveland-Cliffs by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 7,216,964 shares of the mining company’s stock worth $120,966,000 after purchasing an additional 109,059 shares in the last quarter. Institutional investors and hedge funds own 60.97% of the company’s stock.

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.