Cleveland-Cliffs Target of Unusually Large Options Trading (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) was the recipient of unusually large options trading activity on Tuesday. Investors bought 57,175 call options on the stock. This represents an increase of 35% compared to the average volume of 42,444 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CLF shares. Morgan Stanley decreased their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a report on Wednesday, September 18th. Citigroup reduced their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a report on Tuesday, September 10th. StockNews.com lowered Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th. Finally, The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a "buy" rating and a $16.00 price objective on the stock. Three analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Hold" and a consensus price target of $17.39.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of large investors have recently modified their holdings of the company. Twelve Points Wealth Management LLC grew its stake in shares of Cleveland-Cliffs by 58.5% during 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 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock worth $2,644,000 after acquiring an additional 187,957 shares during the last quarter. First Dallas Securities Inc. boosted its holdings in Cleveland-Cliffs by 27.9% during the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company's stock valued at $2,640,000 after acquiring an additional 45,150 shares during the period. Rockefeller Capital Management L.P. purchased a new position in shares of Cleveland-Cliffs in the third quarter worth $22,122,000. Finally, Barclays PLC raised its position in Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Trading Down 0.6 %

Shares of Cleveland-Cliffs stock traded down $0.06 during trading hours on Tuesday, hitting $9.89. The company's stock had a trading volume of 16,274,429 shares, compared to its average volume of 10,596,521. The stock has a 50 day moving average of $12.49 and a 200 day moving average of $13.45. Cleveland-Cliffs has a 12 month low of $9.62 and a 12 month high of $22.97. 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 $4.89 billion, a PE ratio of -10.20 and a beta of 1.92.

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). The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm's revenue was down 18.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 earnings per share. Analysts predict that Cleveland-Cliffs will post -0.45 earnings per share for the current year.

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.