Cleveland-Cliffs (NYSE:CLF) Trading 5.6% Higher - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shot up 5.6% on Tuesday . The company traded as high as $10.52 and last traded at $10.45. 5,197,359 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 13,202,906 shares. The stock had previously closed at $9.90.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CLF. Morgan Stanley decreased their price target 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. Glj Research upgraded Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price target for the company in a report on Tuesday. Citigroup reduced 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 assumed coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a "buy" rating and a $16.00 target price for the company. Finally, StockNews.com cut Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $16.93.

Cleveland-Cliffs Stock Performance

The stock has a market cap of $4.96 billion, a PE ratio of -10.35 and a beta of 1.97. The stock has a fifty day simple moving average of $11.37 and a two-hundred day simple moving average of $12.81. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The firm had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business's quarterly revenue was down 18.5% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the business. Strengthening Families & Communities LLC increased its stake in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after buying an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs during the second quarter worth about $26,000. Darwin Wealth Management LLC acquired a new position in Cleveland-Cliffs in the third quarter worth about $34,000. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs during the third quarter valued at approximately $34,000. Finally, Blue Trust Inc. lifted its holdings in Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company's stock worth $46,000 after buying an additional 2,539 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

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.