Cleveland-Cliffs (NYSE:CLF) Stock Price Up 9.1% - What's Next?

Key Points

• Cleveland-Cliffs' stock surged 9.1% to $13.97, with trading volume slightly down from average levels.
• Recent analyst reports have led to upgraded price targets, with KeyCorp setting a target of $14.00, while the consensus target price is $11.24.
• Cleveland-Cliffs reported positive earnings results with a $4.93 billion revenue for the last quarter, surpassing analysts' expectations.

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) rose 9.1% on Wednesday . The stock traded as high as $13.86 and last traded at $13.97. Approximately 22,964,166 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 24,525,902 shares. The stock had previously closed at $12.81.

Analysts Set New Price Targets

CLF has been the subject of several recent analyst reports. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research note on Tuesday, July 22nd. Wells Fargo & Company increased their target price on Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Monday, September 15th. Morgan Stanley increased 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. Citigroup increased 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. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Cleveland-Cliffs in a research report on Wednesday. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $11.24.

Cleveland-Cliffs Stock Up 8.9%

The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The business has a 50-day moving average price of $11.03 and a 200-day moving average price of $9.07. The firm has a market cap of $6.90 billion, a P/E ratio of -4.10 and a beta of 1.96.

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

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently made changes to their positions in CLF. GAMMA Investing LLC boosted its position in Cleveland-Cliffs by 1,228.6% during the first quarter. GAMMA Investing LLC now owns 70,815 shares of the mining company's stock valued at $582,000 after purchasing an additional 65,485 shares in the last quarter. Merit Financial Group LLC bought a new stake in Cleveland-Cliffs during the first quarter valued at about $144,000. UMB Bank n.a. boosted its holdings in Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock worth $65,000 after acquiring an additional 5,579 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its holdings in Cleveland-Cliffs by 54.5% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 20,496 shares of the mining company's stock worth $168,000 after acquiring an additional 7,226 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Cleveland-Cliffs by 456.7% in the first quarter. Farther Finance Advisors LLC now owns 33,349 shares of the mining company's stock worth $270,000 after acquiring an additional 27,359 shares in the last quarter. Institutional investors own 67.68% of the company's stock.

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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