Cleveland-Cliffs (NYSE:CLF) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $10.87 and traded as high as $13.26. Cleveland-Cliffs shares last traded at $13.2240, with a volume of 13,619,709 shares changing hands.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Bank of America lifted their target price on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. The Goldman Sachs Group raised their price target on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Glj Research reissued a “sell” rating and issued a $5.75 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. raised 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. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.78.

Cleveland-Cliffs Trading Up 1.9%

The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. The stock’s 50 day moving average is $12.41 and its two-hundred day moving average is $10.87. The company has a market capitalization of $6.54 billion, a PE ratio of -3.89 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter last year, the firm posted ($0.33) EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently bought and sold shares of the business. Nuveen LLC bought a new stake in Cleveland-Cliffs during the 1st quarter valued at $9,416,000. HighTower Advisors LLC lifted its stake in shares of Cleveland-Cliffs by 16.0% during the 1st quarter. HighTower Advisors LLC now owns 79,839 shares of the mining company’s stock worth $656,000 after purchasing an additional 11,001 shares during the last quarter. Cresset Asset Management LLC boosted its position in Cleveland-Cliffs by 25.4% during the first quarter. Cresset Asset Management LLC now owns 12,667 shares of the mining company’s stock valued at $104,000 after purchasing an additional 2,567 shares in the last quarter. Algert Global LLC purchased a new position in Cleveland-Cliffs in the first quarter valued at about $442,000. Finally, Northern Trust Corp raised its holdings in Cleveland-Cliffs by 1.4% in the first quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock worth $32,999,000 after purchasing an additional 54,244 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.