Cleveland-Cliffs (NYSE:CLF) Shares Gap Up - Still a Buy?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $10.04, but opened at $10.87. Cleveland-Cliffs shares last traded at $11.17, with a volume of 13,578,980 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CLF shares. Citigroup dropped their price target on shares of 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 cut Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a "buy" rating and a $16.00 price target for the company. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. Finally, Glj Research raised Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price target on the stock in a research report on Tuesday, January 7th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $16.68.

Cleveland-Cliffs Stock Up 7.9 %

The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average price of $10.20 and a 200-day moving average price of $11.85. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of -11.75 and a beta of 1.96.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CLF. Franklin Resources Inc. boosted its stake in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock valued at $3,429,000 after acquiring an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $18,999,000. Twelve Points Wealth Management LLC lifted its stake in shares of Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company's stock worth $1,708,000 after acquiring an additional 49,359 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock valued at $2,644,000 after buying an additional 187,957 shares during the period. Finally, Rockefeller Capital Management L.P. acquired a new stake in Cleveland-Cliffs during the third quarter valued at approximately $22,122,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

About Cleveland-Cliffs

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.