Cleveland-Cliffs (NYSE:CLF) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Cleveland-Cliffs (NYSE:CLF) from an underweight rating to an equal weight rating in a research note issued to investors on Friday morning, MarketBeat reports. The brokerage currently has $12.00 price objective on the mining company’s stock, up from their prior price objective of $11.00.

CLF has been the subject of a number of other research reports. UBS Group set a $15.00 price target on Cleveland-Cliffs in a research report on Monday, October 27th. JPMorgan Chase & Co. lifted their target price on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Citigroup reduced their price target on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. Finally, The Goldman Sachs Group boosted their target price on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.78.

Cleveland-Cliffs Trading Up 1.9%

Cleveland-Cliffs stock opened at $10.71 on Friday. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of -3.15 and a beta of 2.07. Cleveland-Cliffs has a 1 year low of $5.63 and a 1 year high of $16.70. The firm’s 50 day moving average price is $12.28 and its two-hundred day moving average price is $10.02. 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 (NYSE:CLF) last released its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.03. The business had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The company’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company posted ($0.33) EPS. On average, research analysts predict that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CLF. State Street Corp lifted its holdings in shares of Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after buying an additional 4,603,807 shares during the last quarter. Maple Rock Capital Partners Inc. acquired a new stake in Cleveland-Cliffs in the second quarter valued at approximately $63,731,000. Citigroup Inc. lifted its stake in Cleveland-Cliffs by 17.5% in the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock valued at $97,733,000 after acquiring an additional 1,195,035 shares during the last quarter. BNP Paribas Financial Markets grew its position in Cleveland-Cliffs by 200.4% in the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after acquiring an additional 4,222,528 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Cleveland-Cliffs during the 2nd quarter worth $44,120,000. 67.68% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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.