Cleveland-Cliffs (NYSE:CLF) Shares Gap Up – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $12.83, but opened at $13.18. Cleveland-Cliffs shares last traded at $13.07, with a volume of 1,623,836 shares changing hands.

Wall Street Analysts Forecast Growth

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

Cleveland-Cliffs Price Performance

The firm has a market capitalization of $6.32 billion, a P/E ratio of -13.23 and a beta of 1.93. The company has a 50 day moving average of $12.71 and a 200-day moving average of $13.84. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

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

Institutional Trading of Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLF. Altshuler Shaham Ltd bought a new stake in Cleveland-Cliffs in the second quarter worth about $26,000. EverSource Wealth Advisors LLC increased its position in Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the last quarter. Strengthening Families & Communities LLC lifted its position in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the last quarter. Hobbs Group Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the second quarter worth about $31,000. Finally, Gradient Investments LLC lifted its stake in shares of Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after buying an additional 1,249 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

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.