Cleveland-Cliffs (NYSE:CLF) Stock Price Up 7.6% After Strong Earnings

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) rose 7.6% on Tuesday following a stronger than expected earnings report. The company traded as high as $11.96 and last traded at $11.47. Approximately 15,107,056 shares were traded during trading, a decline of 41% from the average daily volume of 25,604,994 shares. The stock had previously closed at $10.66.

The mining company reported ($0.50) EPS for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the company posted $0.11 EPS. The business's revenue was up 7.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a report on Tuesday. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. B. Riley restated a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. JPMorgan Chase & Co. restated a "neutral" rating and set a $7.50 price objective on shares of Cleveland-Cliffs in a report on Monday, July 14th. Finally, Glj Research downgraded Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $10.38.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president directly owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.71% of the company's stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of large investors have recently made changes to their positions in CLF. Pinpoint Asset Management Ltd purchased a new position in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $25,000. Atwood & Palmer Inc. purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at approximately $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Cleveland-Cliffs in the 1st quarter valued at approximately $36,000. Estabrook Capital Management lifted its stake in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after purchasing an additional 2,700 shares during the period. Finally, Fifth Third Bancorp lifted its stake in shares of Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after purchasing an additional 1,664 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Trading Up 7.5%

The company has a market cap of $5.66 billion, a PE ratio of -4.69 and a beta of 1.91. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The stock has a 50 day moving average price of $7.70 and a 200 day moving average price of $8.78.

About Cleveland-Cliffs

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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