Cleveland-Cliffs (NYSE:CLF) Upgraded at KeyCorp

Cleveland-Cliffs (NYSE:CLF - Get Free Report) was upgraded by equities research analysts at KeyCorp from a "sector weight" rating to an "overweight" rating in a report issued on Tuesday, Marketbeat Ratings reports. The firm presently has a $14.00 target price on the mining company's stock. KeyCorp's price target indicates a potential upside of 30.77% from the stock's previous close.

Other research analysts also recently issued research reports about the company. Morgan Stanley boosted their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a report on Friday, June 20th. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group cut their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a research report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $7.50 price target on shares of Cleveland-Cliffs in a research report on Monday, July 14th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $10.38.

Cleveland-Cliffs Trading Up 12.9%

NYSE CLF opened at $10.71 on Tuesday. The stock's 50-day simple moving average is $7.70 and its two-hundred day simple moving average is $8.78. Cleveland-Cliffs has a twelve month low of $5.63 and a twelve month high of $16.00. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of -4.39 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) 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 the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.11 earnings per share. Research analysts forecast that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president directly owned 492,249 shares in the company, valued at $3,371,905.65. The trade was a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.71% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds have recently added to or reduced their stakes in CLF. Pinpoint Asset Management Ltd purchased a new stake in Cleveland-Cliffs during the 4th quarter valued at $25,000. Atwood & Palmer Inc. purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Cleveland-Cliffs in the 1st quarter worth $36,000. Estabrook Capital Management increased 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 worth $38,000 after purchasing an additional 2,700 shares in the last quarter. Finally, Fifth Third Bancorp increased 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 worth $51,000 after purchasing an additional 1,664 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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