Cleveland-Cliffs (NYSE:CLF) Stock Price Up 5.3% After Dividend Announcement

Cleveland-Cliffs Inc (NYSE:CLF)’s share price rose 5.3% on Monday after the company announced a dividend. The company traded as high as $8.45 and last traded at $8.41, approximately 11,495,859 shares traded hands during mid-day trading. An increase of 7% from the average daily volume of 10,762,576 shares. The stock had previously closed at $7.99.

The newly announced dividend which will be paid on Wednesday, January 15th. Investors of record on Friday, January 3rd will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.85%. Cleveland-Cliffs’s payout ratio is currently 11.27%.

A number of equities analysts recently commented on CLF shares. ValuEngine upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Citigroup lowered their target price on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. B. Riley lowered their target price on shares of Cleveland-Cliffs from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Credit Suisse Group lowered their target price on shares of Cleveland-Cliffs from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, September 11th. Finally, Cowen set a $10.00 target price on shares of Cleveland-Cliffs and gave the stock a “hold” rating in a research note on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $10.67.

The company has a debt-to-equity ratio of 5.86, a current ratio of 2.32 and a quick ratio of 1.61. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 3.95 and a beta of 2.10. The firm’s 50 day simple moving average is $7.42 and its 200-day simple moving average is $8.70.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Wednesday, October 23rd. The mining company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.09. Cleveland-Cliffs had a net margin of 38.99% and a return on equity of 125.91%. The company had revenue of $555.60 million during the quarter, compared to the consensus estimate of $544.88 million. During the same quarter in the prior year, the firm posted $1.41 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 25.1% on a year-over-year basis. On average, analysts forecast that Cleveland-Cliffs Inc will post 1.11 EPS for the current year.

In related news, Director John T. Baldwin acquired 9,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was bought at an average price of $7.27 per share, for a total transaction of $65,430.00. Following the completion of the purchase, the director now directly owns 123,727 shares of the company’s stock, valued at approximately $899,495.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.32% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Carnegie Capital Asset Management LLC raised its holdings in Cleveland-Cliffs by 3.5% during the third quarter. Carnegie Capital Asset Management LLC now owns 38,868 shares of the mining company’s stock worth $281,000 after purchasing an additional 1,307 shares in the last quarter. NEXT Financial Group Inc raised its holdings in Cleveland-Cliffs by 16.9% during the second quarter. NEXT Financial Group Inc now owns 10,261 shares of the mining company’s stock worth $109,000 after purchasing an additional 1,486 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Cleveland-Cliffs by 1.2% during the second quarter. Price T Rowe Associates Inc. MD now owns 154,015 shares of the mining company’s stock worth $1,643,000 after purchasing an additional 1,853 shares in the last quarter. Hudock Capital Group LLC raised its holdings in Cleveland-Cliffs by 24.8% during the third quarter. Hudock Capital Group LLC now owns 11,713 shares of the mining company’s stock worth $84,000 after purchasing an additional 2,325 shares in the last quarter. Finally, Advisory Services Network LLC raised its holdings in Cleveland-Cliffs by 11.3% during the second quarter. Advisory Services Network LLC now owns 22,980 shares of the mining company’s stock worth $245,000 after purchasing an additional 2,326 shares in the last quarter. Institutional investors own 80.70% of the company’s stock.

About Cleveland-Cliffs (NYSE:CLF)

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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