Analysts’ Recent Ratings Changes for Cleveland-Cliffs (CLF)

Several analysts have recently updated their ratings and price targets for Cleveland-Cliffs (NYSE: CLF):

• 6/26/2024 – Cleveland-Cliffs had its price target lowered by analysts at Bank of America Co. from $20.00 to $18.00. They now have a “neutral” rating on the stock.
• 6/25/2024 – Cleveland-Cliffs had its “buy” rating reaffirmed by analysts at B. Riley. They now have a $23.00 price target on the stock.
• 6/11/2024 – Cleveland-Cliffs was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating. They now have a $17.00 price target on the stock, down previously from $23.00.
• 6/11/2024 – Cleveland-Cliffs was upgraded by analysts at Seaport Res Ptn to a “hold” rating.
• 5/20/2024 – Cleveland-Cliffs is now covered by analysts at Jefferies Financial Group Inc.. They set a “buy” rating and a $22.00 price target on the stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF traded up $0.04 during mid-day trading on Tuesday, reaching $15.43. The stock had a trading volume of 1,633,624 shares, compared to its average volume of 8,854,188. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. The company has a market cap of $7.34 billion, a P/E ratio of 20.85, a price-to-earnings-growth ratio of 0.78 and a beta of 2.03. Cleveland-Cliffs Inc. has a 1 year low of $13.84 and a 1 year high of $22.97. The business’s 50 day moving average price is $16.53 and its 200 day moving average price is $18.96.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.11) EPS. Research analysts expect that Cleveland-Cliffs Inc. will post 0.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Lourenco Goncalves bought 60,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were acquired at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the transaction, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Ron A. Bloom bought 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The stock was bought at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the purchase, the director now directly owns 59,900 shares of the company’s stock, valued at approximately $1,018,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lourenco Goncalves bought 60,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the purchase, the chief executive officer now directly owns 2,759,089 shares in the company, valued at $46,242,331.64. The disclosure for this purchase can be found here. Insiders have bought a total of 98,950 shares of company stock valued at $1,639,638 over the last quarter. 1.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $117,585,000. Sound Shore Management Inc. CT raised its position in shares of Cleveland-Cliffs by 9.0% during the 4th quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock valued at $82,446,000 after buying an additional 334,739 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Cleveland-Cliffs by 5.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock valued at $72,328,000 after buying an additional 194,948 shares during the period. Castle Hook Partners LP raised its position in shares of Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after buying an additional 410,182 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Cleveland-Cliffs by 10.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock valued at $65,589,000 after purchasing an additional 275,265 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.