Cleveland-Cliffs Inc (NYSE:CLF) has been given a consensus recommendation of “Hold” by the twelve analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $12.67.
A number of brokerages have recently commented on CLF. Morgan Stanley set a $12.00 price target on shares of Cleveland-Cliffs and gave the stock a “hold” rating in a report on Tuesday, March 5th. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Monday, April 1st. Credit Suisse Group raised shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $13.00 to $14.00 in a report on Friday, April 26th. B. Riley increased their price target on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Finally, Jefferies Financial Group set a $14.00 price target on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a report on Tuesday, April 23rd.
In other Cleveland-Cliffs news, Director Michael D. Siegal bought 7,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The shares were bought at an average price of $9.76 per share, with a total value of $73,200.00. Following the acquisition, the director now owns 75,271 shares in the company, valued at $734,644.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric M. Rychel bought 5,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average cost of $9.70 per share, for a total transaction of $48,500.00. Following the acquisition, the director now owns 24,845 shares in the company, valued at approximately $240,996.50. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 30,500 shares of company stock worth $290,310. 1.32% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. First Trust Advisors LP boosted its position in Cleveland-Cliffs by 74.4% during the 4th quarter. First Trust Advisors LP now owns 389,985 shares of the mining company’s stock valued at $2,999,000 after buying an additional 166,416 shares during the period. Rhumbline Advisers boosted its position in Cleveland-Cliffs by 40.5% during the 4th quarter. Rhumbline Advisers now owns 438,529 shares of the mining company’s stock valued at $3,372,000 after buying an additional 126,374 shares during the period. Legal & General Group Plc boosted its position in Cleveland-Cliffs by 4.4% during the 4th quarter. Legal & General Group Plc now owns 271,819 shares of the mining company’s stock valued at $2,091,000 after buying an additional 11,546 shares during the period. Amalgamated Bank boosted its position in Cleveland-Cliffs by 9.5% during the 4th quarter. Amalgamated Bank now owns 40,071 shares of the mining company’s stock valued at $308,000 after buying an additional 3,481 shares during the period. Finally, Globeflex Capital L P purchased a new stake in Cleveland-Cliffs during the 1st quarter valued at $99,000. 80.55% of the stock is owned by institutional investors and hedge funds.
NYSE CLF traded up $0.25 on Friday, hitting $10.67. The stock had a trading volume of 13,499,451 shares, compared to its average volume of 7,854,374. Cleveland-Cliffs has a 52-week low of $7.40 and a 52-week high of $13.10. The company has a quick ratio of 1.82, a current ratio of 2.86 and a debt-to-equity ratio of 7.97. The company has a market capitalization of $2.95 billion, a P/E ratio of 5.01 and a beta of 1.83. The business has a 50-day moving average of $9.67.
Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, April 25th. The mining company reported ($0.08) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.06. Cleveland-Cliffs had a net margin of 51.54% and a return on equity of 786.91%. The business had revenue of $157.00 million for the quarter, compared to analysts’ expectations of $116.91 million. During the same period in the prior year, the company posted ($0.08) EPS. The business’s revenue for the quarter was down 12.8% compared to the same quarter last year. Equities research analysts expect that Cleveland-Cliffs will post 1.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be issued a dividend of $0.06 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.24 annualized dividend and a dividend yield of 2.25%. This is a positive change from Cleveland-Cliffs’s previous quarterly dividend of $0.05. Cleveland-Cliffs’s dividend payout ratio (DPR) is currently 9.39%.
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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