Cleveland-Cliffs Inc. (NYSE:CLF) Stock Rated "Hold" by Wall Street Brokerages

Key Points

• Cleveland-Cliffs has a consensus “Hold” rating from 12 brokerages: seven holds, three buys, and two sells. The average 12-month price target is $14.18, with recent targets ranging from $12 to $18.
• The stock opened at $14.22 and has gained from its 12-month low of $7.73, while the company’s latest quarterly results beat expectations with EPS of $0.28 versus the $0.24 consensus estimate. Revenue rose 18.5% year over year to $5.61 billion, slightly below forecasts.
• Director Edilson Camara purchased 7,400 shares for approximately $99,826, increasing his position by 12.91%. Institutional investors and hedge funds own 67.68% of Cleveland-Cliffs shares.

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) has earned a consensus rating of "Hold" from the twelve brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $14.18.

CLF has been the subject of several analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $13.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, October 20th. Citigroup increased their price target on Cleveland-Cliffs from $12.00 to $14.00 and gave the company a "neutral" rating in a research report on Friday. B. Riley Financial lifted their price target on Cleveland-Cliffs from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, October 22nd. Barclays boosted their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "underweight" rating in a report on Thursday, October 22nd. Finally, Morgan Stanley raised their target price on shares of Cleveland-Cliffs from $12.50 to $14.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 20th.

Cleveland-Cliffs Stock Down 0.3%

NYSE CLF opened at $14.22 on Friday. Cleveland-Cliffs has a 12 month low of $7.73 and a 12 month high of $15.35. The company has a market capitalization of $8.11 billion, a P/E ratio of -16.73, a PEG ratio of 5.21 and a beta of 2.09. The company's 50 day simple moving average is $12.39 and its 200 day simple moving average is $11.40. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, October 19th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.04. The company had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.69 billion. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The firm's revenue was up 18.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.51) earnings per share. Equities research analysts expect that Cleveland-Cliffs will post 0.11 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other news, Director Edilson Camara acquired 7,400 shares of the firm's stock in a transaction that occurred on Thursday, October 22nd. The stock was purchased at an average price of $13.49 per share, with a total value of $99,826.00. Following the purchase, the director owned 64,717 shares of the company's stock, valued at approximately $873,032.33. This trade represents a 12.91% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.95% of the company's stock.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently added to or reduced their stakes in the company. Harbour Trust & Investment Management Co grew its holdings in shares of Cleveland-Cliffs by 7.4% during the third quarter. Harbour Trust & Investment Management Co now owns 13,355 shares of the mining company's stock valued at $147,000 after buying an additional 920 shares in the last quarter. Signaturefd LLC grew its stake in Cleveland-Cliffs by 13.0% during the 3rd quarter. Signaturefd LLC now owns 9,234 shares of the mining company's stock valued at $102,000 after acquiring an additional 1,059 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Cleveland-Cliffs by 39.5% in the 2nd quarter. IFP Advisors Inc now owns 5,127 shares of the mining company's stock valued at $48,000 after purchasing an additional 1,453 shares during the period. Baird Financial Group Inc. increased its holdings in shares of Cleveland-Cliffs by 4.2% in the 2nd quarter. Baird Financial Group Inc. now owns 37,026 shares of the mining company's stock valued at $348,000 after purchasing an additional 1,496 shares during the period. Finally, Fifth Third Wealth Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 12.8% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 13,857 shares of the mining company's stock valued at $153,000 after purchasing an additional 1,567 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.

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