Cleveland-Cliffs (NYSE:CLF) Trading Up 4.8% - What's Next?

Key Points

• Cleveland-Cliffs shares rose 4.8% to $12.359, outperforming the prior close, though trading volume was 95% below the average session volume.
• 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 $12.06.
• The company reported quarterly revenue of $5.23 billion, up 5.9% year over year, and an adjusted loss of $0.20 per share that narrowly beat estimates; institutional investors own 67.68% of the stock.

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s share price was up 4.8% during trading on Wednesday . The stock traded as high as $12.18 and last traded at $12.3590. 915,222 shares were traded during trading, a decline of 95% from the average session volume of 18,587,156 shares. The stock had previously closed at $11.79.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CLF shares. Glj Research raised Cleveland-Cliffs from a "hold" rating to a "buy" rating and increased their price target for the company from $15.01 to $15.60 in a research report on Friday, July 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. UBS Group set a $13.00 price objective on Cleveland-Cliffs in a research note on Monday, September 7th. Citigroup reaffirmed a "positive" rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Finally, Bank of America lowered their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating on the stock in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating, seven have assigned 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 $12.06.

Cleveland-Cliffs Stock Performance

The company's 50 day moving average price is $11.35 and its 200-day moving average price is $10.77. 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 company has a market cap of $7.05 billion, a PE ratio of -7.61 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The business had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the business earned ($0.50) earnings per share. Cleveland-Cliffs's revenue for the quarter was up 5.9% on a year-over-year basis. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Tidal Investments LLC raised its stake in Cleveland-Cliffs by 79.2% in the 2nd quarter. Tidal Investments LLC now owns 80,324 shares of the mining company's stock valued at $754,000 after acquiring an additional 35,506 shares during the period. BlueCrest Capital Management Ltd bought a new stake in shares of Cleveland-Cliffs in the second quarter valued at approximately $1,969,000. Engineers Gate Manager LP lifted its stake in shares of Cleveland-Cliffs by 212.9% during the 2nd quarter. Engineers Gate Manager LP now owns 1,407,953 shares of the mining company's stock valued at $13,221,000 after buying an additional 958,049 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Cleveland-Cliffs by 39.5% during the 2nd quarter. IFP Advisors Inc now owns 5,127 shares of the mining company's stock valued at $48,000 after buying an additional 1,453 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its holdings in Cleveland-Cliffs by 4.2% in the 2nd quarter. Baird Financial Group Inc. now owns 37,026 shares of the mining company's stock worth $348,000 after buying an additional 1,496 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.

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