Cleveland-Cliffs (NYSE:CLF) Receives "Sell" Rating from Glj Research

Key Points

• Cleveland-Cliffs has received a "sell" rating from Glj Research, reissued with a target price of $5.75, indicating a potential downside of 57.09% from its previous close.
• Despite the negative outlook from some analysts, the stock has a consensus rating of "Hold" with an average target price of $12.36, reflecting mixed sentiments in the analyst community.
• The company reported a quarterly EPS of ($0.45), surpassing expectations, but revenue fell short at $4.73 billion compared to the anticipated $4.90 billion, illustrating ongoing challenges in its financial performance.

Cleveland-Cliffs (NYSE:CLF - Get Free Report)'s stock had its "sell" rating reissued by research analysts at Glj Research in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $5.75 target price on the mining company's stock. Glj Research's price objective would indicate a potential downside of 57.09% from the company's previous close.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company restated an "underweight" rating and issued a $11.00 target price on shares of Cleveland-Cliffs in a report on Tuesday. Weiss Ratings restated a "sell (d)" rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. The Goldman Sachs Group lifted their price target on Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a "buy" rating in a report on Thursday, October 9th. Morgan Stanley raised their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, Citigroup raised their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $12.36.

Cleveland-Cliffs Trading Down 17.2%

Shares of CLF traded down $2.78 during mid-day trading on Tuesday, reaching $13.40. 41,148,795 shares of the company were exchanged, compared to its average volume of 25,865,316. Cleveland-Cliffs has a 52 week low of $5.63 and a 52 week high of $16.70. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. The stock has a market capitalization of $6.63 billion, a PE ratio of -3.93 and a beta of 1.96. The business has a 50 day simple moving average of $11.78 and a two-hundred day simple moving average of $9.42.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The business had revenue of $4.73 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same quarter last year, the firm posted ($0.33) earnings per share. The firm's revenue was up 3.6% on a year-over-year basis. On average, analysts predict that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System grew its position in Cleveland-Cliffs by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock worth $1,115,000 after buying an additional 1,200 shares in the last quarter. Clear Creek Financial Management LLC grew its position in Cleveland-Cliffs by 5.1% during the second quarter. Clear Creek Financial Management LLC now owns 26,480 shares of the mining company's stock worth $201,000 after buying an additional 1,280 shares in the last quarter. Pinnacle Holdings LLC grew its position in Cleveland-Cliffs by 1.3% during the first quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company's stock worth $870,000 after buying an additional 1,371 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Cleveland-Cliffs by 0.5% during the second quarter. PNC Financial Services Group Inc. now owns 297,128 shares of the mining company's stock worth $2,258,000 after buying an additional 1,399 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in Cleveland-Cliffs by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company's stock worth $465,000 after buying an additional 1,475 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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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