Weiss Ratings Reiterates "Sell (D)" Rating for Cleveland-Cliffs (NYSE:CLF)

Key Points

• Weiss Ratings has reiterated a "Sell (D)" rating for Cleveland-Cliffs (NYSE: CLF) in a recent research report, indicating ongoing concerns about the stock's performance.
• Multiple other research firms have recently upgraded their target prices for Cleveland-Cliffs, with increases ranging from $10.00 to $14.00, reflecting varying levels of optimism among analysts.
• Cleveland-Cliffs shares experienced a notable increase of 8.5% on Wednesday, trading at $13.90, with significant trading volume exceeding its average, indicating increased investor interest in the stock.

Cleveland-Cliffs (NYSE:CLF - Get Free Report)'s stock had its "sell (d)" rating restated by equities researchers at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other research firms have also recently issued reports on CLF. Wells Fargo & Company increased their target price on Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Monday, September 15th. Bank of America raised their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a "neutral" rating in a research note on Monday, September 15th. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research note on Tuesday, July 22nd. Citigroup raised their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. raised their price target on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of "Hold" and a consensus target price of $11.24.

Cleveland-Cliffs Trading Up 8.5%

Shares of NYSE:CLF traded up $1.09 during mid-day trading on Wednesday, reaching $13.90. The stock had a trading volume of 54,567,522 shares, compared to its average volume of 25,169,416. The firm has a market cap of $6.88 billion, a PE ratio of -4.08 and a beta of 1.96. The firm has a 50 day simple moving average of $11.09 and a two-hundred day simple moving average of $9.11. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs has a twelve month low of $5.63 and a twelve month high of $14.34.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. Cleveland-Cliffs's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the company posted $0.11 EPS. On average, research analysts predict that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in CLF. Atwood & Palmer Inc. acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth $27,000. Trust Co. of Toledo NA OH acquired a new position in Cleveland-Cliffs in the second quarter valued at about $27,000. Winch Advisory Services LLC raised its stake in Cleveland-Cliffs by 131.3% in the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company's stock valued at $31,000 after purchasing an additional 2,310 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs in the first quarter valued at about $36,000. Finally, Islay Capital Management LLC acquired a new position in Cleveland-Cliffs in the second quarter valued at about $38,000. Institutional investors and hedge funds own 67.68% of the company's stock.

About Cleveland-Cliffs

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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