Cleveland-Cliffs Inc (NYSE:CLF) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 55,431,491 shares, an increase of 14.2% from the January 15th total of 48,543,636 shares. Approximately 19.0% of the shares of the company are short sold. Based on an average daily trading volume, of 11,555,469 shares, the days-to-cover ratio is currently 4.8 days.
A number of brokerages have recently issued reports on CLF. JPMorgan Chase & Co. lifted their price target on Cleveland-Cliffs to $17.00 and gave the stock an “overweight” rating in a research note on Monday. Jefferies Financial Group upped their price objective on shares of Cleveland-Cliffs from $11.50 to $13.75 and gave the company a “buy” rating in a research note on Friday, February 8th. Citigroup upped their price target on shares of Cleveland-Cliffs to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 8th. Cowen reiterated a “market perform” rating and set a $11.00 price target (up from $8.50) on shares of Cleveland-Cliffs in a research report on Thursday, February 7th. Finally, ValuEngine raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $11.98.
CLF opened at $11.47 on Thursday. Cleveland-Cliffs has a 12-month low of $6.40 and a 12-month high of $13.10. The company has a quick ratio of 2.77, a current ratio of 3.16 and a debt-to-equity ratio of 4.93. The firm has a market capitalization of $3.48 billion, a PE ratio of 5.38 and a beta of 1.82.
Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Friday, February 8th. The mining company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). The firm had revenue of $696.30 million for the quarter, compared to the consensus estimate of $721.52 million. Cleveland-Cliffs had a negative return on equity of 509.82% and a net margin of 47.17%. Cleveland-Cliffs’s revenue was up 36.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.07 EPS. Sell-side analysts anticipate that Cleveland-Cliffs will post 1.64 EPS for the current fiscal year.
Cleveland-Cliffs announced that its board has approved a stock repurchase program on Monday, November 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the mining company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Cleveland-Cliffs by 9.3% during the fourth quarter. Geode Capital Management LLC now owns 3,148,509 shares of the mining company’s stock valued at $24,212,000 after buying an additional 267,622 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Cleveland-Cliffs by 2.4% during the 4th quarter. California State Teachers Retirement System now owns 466,167 shares of the mining company’s stock worth $3,585,000 after buying an additional 10,971 shares in the last quarter. Kepos Capital LP acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $725,000. Dimensional Fund Advisors LP boosted its stake in Cleveland-Cliffs by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,523,885 shares of the mining company’s stock valued at $50,172,000 after acquiring an additional 209,867 shares during the last quarter. Finally, United Services Automobile Association lifted its position in shares of Cleveland-Cliffs by 7.9% in the 4th quarter. United Services Automobile Association now owns 428,345 shares of the mining company’s stock worth $3,294,000 after purchasing an additional 31,478 shares during the period. 70.96% of the stock is owned by institutional investors.
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Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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