Glj Research Upgrades Cleveland-Cliffs (NYSE:CLF) to Buy

Glj Research upgraded shares of Cleveland-Cliffs (NYSE:CLF - Free Report) from a sell rating to a buy rating in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has $14.27 price target on the mining company's stock.

Several other brokerages have also issued reports on CLF. 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. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a "buy" rating and a $16.00 target price on the stock. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a report on Wednesday, September 18th. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $16.93.

Cleveland-Cliffs Price Performance

CLF stock traded up $0.14 during midday trading on Tuesday, reaching $10.04. The company had a trading volume of 19,511,012 shares, compared to its average volume of 17,145,980. Cleveland-Cliffs has a 1-year low of $8.99 and a 1-year high of $22.97. The stock has a 50 day moving average price of $11.29 and a 200-day moving average price of $12.78. 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 company has a market capitalization of $4.96 billion, a price-to-earnings ratio of -10.35 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The firm 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%. Cleveland-Cliffs's quarterly revenue was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.54 earnings per share. Equities research analysts expect that Cleveland-Cliffs will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in 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. Pacer Advisors Inc. lifted its stake in shares of Cleveland-Cliffs by 13.7% in the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock valued at $330,665,000 after buying an additional 3,110,651 shares in the last quarter. Barclays PLC grew its holdings in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after buying an additional 2,176,837 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company's stock worth $93,172,000 after acquiring an additional 2,027,757 shares in the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth about $22,122,000. 67.68% of the stock is owned by institutional investors and hedge funds.

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.