Cleveland-Cliffs (NYSE:CLF) Upgraded to “Neutral” by BNP Paribas

Cleveland-Cliffs (NYSE:CLFGet Rating) was upgraded by stock analysts at BNP Paribas from an “underperform” rating to a “neutral” rating in a report issued on Wednesday, FinViz reports. The brokerage presently has a $21.00 price objective on the mining company’s stock. BNP Paribas’ price objective suggests a potential upside of 3.40% from the stock’s previous close.

A number of other brokerages have also recently issued reports on CLF. Wolfe Research cut shares of Cleveland-Cliffs from a “peer perform” rating to an “underperform” rating and set a $12.00 target price for the company. in a research report on Wednesday, November 2nd. UBS Group started coverage on shares of Cleveland-Cliffs in a research report on Friday, December 16th. They set a “neutral” rating and a $17.00 target price for the company. Exane BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 price target for the company. in a report on Tuesday, October 18th. Argus lowered their price target on shares of Cleveland-Cliffs from $33.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, September 28th. Finally, B. Riley lifted their price target on shares of Cleveland-Cliffs from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, December 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average price target of $22.03.

Cleveland-Cliffs Price Performance

CLF traded up $0.12 during midday trading on Wednesday, reaching $20.31. 4,771,121 shares of the company’s stock were exchanged, compared to its average volume of 11,943,177. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.33 and a quick ratio of 0.78. The stock has a market capitalization of $10.47 billion, a PE ratio of 4.41 and a beta of 2.13. The business’s 50-day moving average price is $16.94 and its 200 day moving average price is $16.30. Cleveland-Cliffs has a 1-year low of $11.82 and a 1-year high of $34.04.

Cleveland-Cliffs (NYSE:CLFGet Rating) last announced its earnings results on Tuesday, October 25th. The mining company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.16). The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.79 billion. Cleveland-Cliffs had a return on equity of 40.41% and a net margin of 10.48%. The business’s revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.33 EPS. As a group, equities analysts anticipate that Cleveland-Cliffs will post 3.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of the stock. Ronald Blue Trust Inc. purchased a new stake in Cleveland-Cliffs during the second quarter worth approximately $32,000. Lazard Asset Management LLC grew its stake in Cleveland-Cliffs by 218.1% during the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after buying an additional 746 shares during the period. Quadrant Capital Group LLC grew its stake in Cleveland-Cliffs by 108.6% during the third quarter. Quadrant Capital Group LLC now owns 3,075 shares of the mining company’s stock worth $41,000 after buying an additional 1,601 shares during the period. Truvestments Capital LLC purchased a new stake in Cleveland-Cliffs during the second quarter worth approximately $42,000. Finally, Founders Capital Management grew its stake in Cleveland-Cliffs by 30.4% during the second quarter. Founders Capital Management now owns 3,000 shares of the mining company’s stock worth $46,000 after buying an additional 700 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

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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.

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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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