Cleveland-Cliffs (NYSE:CLF) Stock Rating Upgraded by Glj Research

Cleveland-Cliffs (NYSE:CLF) was upgraded by investment analysts at Glj Research from a “sell” rating to a “buy” rating in a research note issued on Tuesday,Benzinga reports. The firm currently has a $14.27 price target on the mining company’s stock. Glj Research’s price objective points to a potential upside of 44.43% from the company’s current price.

Several other equities analysts have also issued reports on the company. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target on the stock. Citigroup decreased their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Morgan Stanley decreased their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $16.93.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $9.88 on Tuesday. The stock’s fifty day moving average price is $11.37 and its two-hundred day moving average price is $12.81. Cleveland-Cliffs has a one year low of $8.99 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a market cap of $4.88 billion, a PE ratio of -10.19 and a beta of 1.97.

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 return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter last year, the business earned $0.54 EPS. Cleveland-Cliffs’s revenue was down 18.5% on a year-over-year basis. As a group, research analysts expect that Cleveland-Cliffs will post -0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. lifted its stake in shares of Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after purchasing an additional 3,110,651 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the period. AQR Capital Management LLC lifted its stake in shares of Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after purchasing an additional 2,027,757 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Cleveland-Cliffs by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after purchasing an additional 121,389 shares during the period. Finally, Drexel Morgan & Co. increased its position in Cleveland-Cliffs by 3.8% in the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock valued at $40,869,000 after buying an additional 116,400 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

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.