Cleveland-Cliffs (NYSE:CLF) Hits New 12-Month High - What's Next?

Key Points

• Cleveland-Cliffs' stock hit a new 12-month high of $15.78 before closing at $15.17 with a trading volume of over 2.4 million shares.
• Analysts have raised their price targets on Cleveland-Cliffs, with Citigroup and Wells Fargo setting their targets at $11.00, while Goldman Sachs increased theirs to $14.50.
• The company reported a revenue increase of 7.5% year-over-year, with earnings per share of ($0.50), surpassing the consensus estimate.

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price hit a new 52-week high on Monday . The company traded as high as $15.78 and last traded at $15.17, with a volume of 2465833 shares traded. The stock had previously closed at $13.32.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Citigroup increased their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Wells Fargo & Company raised their price target on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Monday, September 15th. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. The Goldman Sachs Group raised their price target on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the company a "buy" rating in a report on Thursday, October 9th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $11.93.

Cleveland-Cliffs Price Performance

The stock has a market capitalization of $7.78 billion, a PE ratio of -4.60 and a beta of 1.96. The firm's 50 day simple moving average is $11.65 and its 200 day simple moving average is $9.36. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business's revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business earned $0.11 earnings per share. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently added to or reduced their stakes in the company. Atwood & Palmer Inc. purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at $27,000. Trust Co. of Toledo NA OH purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at $27,000. Winch Advisory Services LLC boosted its position in Cleveland-Cliffs by 131.3% during the 2nd quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company's stock valued at $31,000 after buying an additional 2,310 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Cleveland-Cliffs in the first quarter valued at $36,000. Finally, Islay Capital Management LLC bought a new stake in Cleveland-Cliffs in the second quarter valued at $38,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Company Profile

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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