Cleveland-Cliffs (NYSE:CLF) Stock Jumps 5.6% - Should You Buy?

Key Points

• Cleveland-Cliffs shares rose 5.6% to about $12.94, though trading volume was 79% below its average.
• Analyst sentiment remains mostly neutral: the consensus rating is Hold, with an average price target of $14.30. Three analysts rate the stock Buy, seven Hold, and two Sell.
• In its latest quarter, the company reported EPS of $0.28, beating estimates of $0.24, while revenue of $5.61 billion came in below expectations of $5.69 billion; revenue was up 18.5% year over year.

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) rose 5.6% on Tuesday. The stock traded as high as $13.04 and last traded at $12.9440. Approximately 4,064,344 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 19,182,822 shares. The stock had previously closed at $12.26.

Analysts Set New Price Targets

A number of equities analysts have commented on CLF shares. Citigroup boosted their price target on shares of Cleveland-Cliffs from $12.00 to $14.00 and gave the stock a "neutral" rating in a research note on Friday, October 30th. JPMorgan Chase & Co. upped their target price on shares of Cleveland-Cliffs from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Thursday, October 22nd. The Goldman Sachs Group restated a "neutral" rating and set a $13.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, October 20th. Barclays lifted their price target on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "underweight" rating in a research note on Thursday, October 22nd. Finally, Glj Research upped their price objective on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a "buy" rating in a report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $14.30.

Cleveland-Cliffs Stock Performance

The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.64 and a current ratio of 1.87. The company has a market cap of $7.30 billion, a PE ratio of -15.06, a PEG ratio of 5.49 and a beta of 1.99. The business's 50-day moving average is $12.53 and its 200 day moving average is $11.36.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.04. The firm 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 company's revenue for the quarter was up 18.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.51) earnings per share. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post 0.10 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, Director Edilson Camara purchased 7,400 shares of the business's stock in a transaction that occurred on Thursday, October 22nd. The shares were acquired at an average price of $13.49 per share, for a total transaction of $99,826.00. Following the completion of the acquisition, the director directly owned 64,717 shares in the company, valued at approximately $873,032.33. The trade was a 12.91% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.95% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CLF. Global Retirement Partners LLC lifted its stake in shares of Cleveland-Cliffs by 10.2% during the 3rd quarter. Global Retirement Partners LLC now owns 8,494 shares of the mining company's stock worth $94,000 after acquiring an additional 784 shares during the last quarter. Edgestream Partners L.P. bought a new position in Cleveland-Cliffs during the 3rd quarter worth about $2,887,000. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Cleveland-Cliffs by 10.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 178,317 shares of the mining company's stock valued at $1,963,000 after purchasing an additional 17,500 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 2.2% in the 3rd quarter. HighTower Advisors LLC now owns 65,551 shares of the mining company's stock valued at $722,000 after acquiring an additional 1,404 shares during the period. Finally, Intech Investment Management LLC grew its stake in Cleveland-Cliffs by 39.0% in the third quarter. Intech Investment Management LLC now owns 272,941 shares of the mining company's stock valued at $3,005,000 after purchasing an additional 76,567 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc. is a vertically integrated steel and iron ore company headquartered in Cleveland, Ohio. Its operations span iron ore mining and pellet production, direct-reduced iron and coke production, and steelmaking and finishing. The company makes flat-rolled steel products, including hot-rolled, cold-rolled and coated steel, as well as plate and other specialty products. Its customers serve industries such as automotive, infrastructure, manufacturing and appliances. Founded in 1847 as an iron ore mining company, Cleveland-Cliffs expanded into steelmaking and has built an integrated production network across the United States and Canada.

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