Cleveland-Cliffs Inc (NYSE:CLF) Given Average Recommendation of “Hold” by Analysts

Cleveland-Cliffs Inc (NYSE:CLF) has been given an average rating of “Hold” by the twelve ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $10.22.

CLF has been the subject of several research reports. Cowen set a $10.00 price objective on Cleveland-Cliffs and gave the company a “hold” rating in a research report on Thursday, August 22nd. Credit Suisse Group reduced their target price on Cleveland-Cliffs from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $14.00 to $8.00 in a research report on Monday, September 23rd. B. Riley reduced their target price on Cleveland-Cliffs from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Finally, Citigroup reduced their target price on Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th.

In related news, CFO Keith Koci acquired 12,500 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was bought at an average cost of $8.08 per share, with a total value of $101,000.00. Following the completion of the acquisition, the chief financial officer now owns 86,849 shares in the company, valued at $701,739.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John T. Baldwin acquired 9,000 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were bought at an average cost of $7.27 per share, with a total value of $65,430.00. Following the completion of the acquisition, the director now owns 123,727 shares of the company’s stock, valued at approximately $899,495.29. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 67,500 shares of company stock valued at $551,320. 1.32% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fisher Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 4.6% during the second quarter. Fisher Asset Management LLC now owns 12,872,970 shares of the mining company’s stock valued at $137,355,000 after acquiring an additional 565,102 shares during the period. Geode Capital Management LLC increased its stake in shares of Cleveland-Cliffs by 9.3% in the fourth quarter. Geode Capital Management LLC now owns 3,148,509 shares of the mining company’s stock valued at $24,212,000 after buying an additional 267,622 shares in the last quarter. LSV Asset Management increased its stake in shares of Cleveland-Cliffs by 7,324.1% in the second quarter. LSV Asset Management now owns 2,939,928 shares of the mining company’s stock valued at $31,369,000 after buying an additional 2,900,328 shares in the last quarter. Neuberger Berman Group LLC increased its stake in shares of Cleveland-Cliffs by 1.1% in the first quarter. Neuberger Berman Group LLC now owns 2,602,952 shares of the mining company’s stock valued at $25,994,000 after buying an additional 28,507 shares in the last quarter. Finally, Hodges Capital Management Inc. increased its stake in shares of Cleveland-Cliffs by 31.4% in the second quarter. Hodges Capital Management Inc. now owns 2,363,545 shares of the mining company’s stock valued at $25,219,000 after buying an additional 565,405 shares in the last quarter. 81.94% of the stock is owned by institutional investors.

CLF opened at $7.62 on Monday. Cleveland-Cliffs has a 1-year low of $6.64 and a 1-year high of $12.26. The company has a current ratio of 2.56, a quick ratio of 1.81 and a debt-to-equity ratio of 7.37. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 3.58 and a beta of 2.04. The business has a 50 day moving average of $7.66 and a 200-day moving average of $9.31.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Friday, July 19th. The mining company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.11. Cleveland-Cliffs had a return on equity of 238.16% and a net margin of 50.72%. The company had revenue of $697.40 million during the quarter, compared to analysts’ expectations of $624.23 million. During the same period in the prior year, the business earned $0.55 earnings per share. Cleveland-Cliffs’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts predict that Cleveland-Cliffs will post 1.34 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, October 4th will be given a $0.06 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.24 annualized dividend and a yield of 3.15%. Cleveland-Cliffs’s dividend payout ratio (DPR) is currently 11.27%.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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