Cleveland-Cliffs (NYSE:CLF) Trading Up 5.7% - Here's What Happened

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) rose 5.7% during mid-day trading on Monday . The company traded as high as $10.49 and last traded at $10.46. Approximately 13,381,511 shares changed hands during trading, a decline of 16% from the average daily volume of 15,991,096 shares. The stock had previously closed at $9.90.

Analysts Set New Price Targets

CLF has been the subject of a number of research reports. Morgan Stanley decreased 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 research report on Wednesday, September 18th. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Glj Research upgraded shares of Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 target price for the company in a research report on Tuesday, January 7th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a "buy" rating and a $16.00 price objective for the company. Finally, Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $16.93.

Cleveland-Cliffs Stock Performance

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's 50-day moving average is $11.01 and its two-hundred day moving average is $12.60. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of -10.57 and a beta of 1.97.

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 for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the company earned $0.54 EPS. The firm's revenue for the quarter was down 18.5% on a year-over-year basis. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Altus Wealth Group LLC raised its position in shares of Cleveland-Cliffs by 7.2% during the 3rd quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company's stock worth $152,000 after purchasing an additional 800 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in Cleveland-Cliffs by 7.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company's stock valued at $201,000 after acquiring an additional 949 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in Cleveland-Cliffs by 3.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company's stock valued at $515,000 after acquiring an additional 1,237 shares in the last quarter. Sterneck Capital Management LLC grew its stake in Cleveland-Cliffs by 7.6% during the 3rd quarter. Sterneck Capital Management LLC now owns 19,512 shares of the mining company's stock valued at $249,000 after acquiring an additional 1,378 shares in the last quarter. Finally, Peddock Capital Advisors LLC grew its stake in Cleveland-Cliffs by 7.4% during the 3rd quarter. Peddock Capital Advisors LLC now owns 20,229 shares of the mining company's stock valued at $258,000 after acquiring an additional 1,396 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

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.

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