Cleveland-Cliffs (NYSE:CLF) Shares Up 8.4% - Here's Why

Key Points

• Cleveland-Cliffs shares jumped 8.4% to about $12.28 in midday trading, outperforming the stock’s prior close despite volume running 48% below its average.
• Analyst sentiment remains mixed: two analysts rate the stock Buy, seven Hold and two Sell, producing an overall “Hold” rating and a consensus price target of $12.25.
• The company slightly exceeded quarterly expectations, reporting an adjusted loss of $0.20 per share versus the $0.21 estimate and $5.23 billion in revenue, up 5.9% year over year; institutional investors own 67.68% of the stock.

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price was up 8.4% on Monday. The company traded as high as $12.32 and last traded at $12.2750. 9,636,361 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 18,489,457 shares. The stock had previously closed at $11.32.

Analyst Ratings Changes

Several analysts have recently commented on CLF shares. Weiss Ratings restated a "sell (d-)" rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Barclays boosted their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, July 24th. JPMorgan Chase & Co. increased their price target on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, September 9th. Bank of America reduced their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating for the company in a report on Thursday, July 9th. Finally, Citigroup reissued a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus target price of $12.25.

Cleveland-Cliffs Stock Performance

The company's fifty day moving average price is $11.92 and its two-hundred day moving average price is $10.95. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The firm has a market capitalization of $7.11 billion, a PE ratio of -7.68 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the prior year, the business posted ($0.50) earnings per share. Cleveland-Cliffs's revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.04 earnings per share for the current year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently added to or reduced their stakes in CLF. Center for Financial Planning Inc. boosted its position in Cleveland-Cliffs by 119.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock valued at $28,000 after buying an additional 1,805 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $30,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $44,000. IFP Advisors Inc raised its position 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 in the last quarter. Finally, Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna purchased a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $59,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.

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