Cleveland-Cliffs (NYSE:CLF) Trading 4.8% Higher – Time to Buy?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) traded up 4.8% on Monday . The company traded as high as $13.09 and last traded at $13.05. Approximately 2,351,031 shares changed hands during trading, a decline of 77% from the average session volume of 10,298,145 shares. The stock had previously closed at $12.45.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CLF. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup lowered their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, The Goldman Sachs Group began coverage on Cleveland-Cliffs in a report on Monday. They issued a “buy” rating and a $16.00 price target for the company. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $17.39.

Cleveland-Cliffs Stock Performance

The stock’s fifty day moving average is $12.72 and its two-hundred day moving average is $13.80. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of -13.30 and a beta of 1.92. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the prior year, the business earned $0.54 EPS. Cleveland-Cliffs’s revenue was down 18.5% compared to the same quarter last year. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers lifted its holdings in shares of Cleveland-Cliffs by 316.1% during the first quarter. Cetera Investment Advisers now owns 318,990 shares of the mining company’s stock valued at $7,254,000 after purchasing an additional 242,332 shares during the last quarter. Cetera Advisors LLC boosted its holdings in shares of Cleveland-Cliffs by 27.7% in the first quarter. Cetera Advisors LLC now owns 50,839 shares of the mining company’s stock worth $1,156,000 after buying an additional 11,021 shares during the period. DekaBank Deutsche Girozentrale increased its position in shares of Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after acquiring an additional 984 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after acquiring an additional 1,343 shares during the period. Finally, DNB Asset Management AS lifted its position in shares of Cleveland-Cliffs by 7.6% in the 2nd quarter. DNB Asset Management AS now owns 89,677 shares of the mining company’s stock valued at $1,380,000 after acquiring an additional 6,337 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

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.