Cleveland-Cliffs (NYSE:CLF) Given "Buy" Rating at Glj Research

Key Points

• GLJ Research reaffirmed its “Buy” rating on Cleveland-Cliffs and set a $15.60 price target, implying approximately 25% upside from the prior close.
• Analyst sentiment remains mixed: two analysts rate the stock Buy, seven Hold, and two Sell, producing an overall “Hold” consensus with an average price target of $12.06.
• CLF shares fell 2.2% to $12.47 in Friday trading. The company’s latest quarterly results slightly exceeded EPS expectations, while institutional investors own 67.68% of outstanding shares.

Cleveland-Cliffs (NYSE:CLF - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Glj Research in a research note issued to investors on Friday, Benzinga reports. They presently have a $15.60 price target on the mining company's stock. Glj Research's price target would suggest a potential upside of 25.05% from the stock's previous close.

A number of other brokerages also recently commented on CLF. Bank of America decreased their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating for the company in a report on Thursday, July 9th. Citigroup reissued a "positive" rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. JPMorgan Chase & Co. upped their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, September 9th. Barclays raised their target price on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research report on Friday, July 24th. Finally, UBS Group set a $13.00 target price on shares of Cleveland-Cliffs in a research note on Monday, September 7th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $12.06.

Cleveland-Cliffs Trading Down 2.2%

Shares of CLF stock traded down $0.28 during mid-day trading on Friday, reaching $12.47. The stock had a trading volume of 3,468,404 shares, compared to its average volume of 18,540,859. The firm has a market capitalization of $7.12 billion, a PE ratio of -7.68 and a beta of 2.10. The stock's 50-day moving average price is $11.47 and its two-hundred day moving average price is $10.79. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs has a 52-week low of $7.73 and a 52-week high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion for the quarter, compared to analysts' expectations of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.During the same period last year, the firm earned ($0.50) earnings per share. Cleveland-Cliffs's quarterly revenue was up 5.9% on a year-over-year basis. Equities analysts expect that Cleveland-Cliffs will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in Cleveland-Cliffs in the second quarter worth about $522,766,000. Castle Hook Partners LP lifted its stake in shares of Cleveland-Cliffs by 572.4% in the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock worth $240,143,000 after buying an additional 15,393,507 shares in the last quarter. Turiya Advisors Asia Ltd purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $96,280,000. PointState Capital LP bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $61,805,000. Finally, Avala Global LP bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $58,325,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.

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