Cleveland-Cliffs (CLF) Raised to “Outperform” at Credit Suisse Group

Credit Suisse Group upgraded shares of Cleveland-Cliffs (NYSE:CLF) from an underperform rating to an outperform rating in a report published on Wednesday, February 7th, reports.

Other research analysts have also issued research reports about the company. B. Riley reiterated a buy rating on shares of Cleveland-Cliffs in a report on Wednesday, November 1st. Cowen reissued a market perform rating and set a $9.00 price objective (up from $7.00) on shares of Cleveland-Cliffs in a research report on Friday, January 26th. KeyCorp reiterated a hold rating on shares of Cleveland-Cliffs in a research note on Friday, November 24th. Zacks Investment Research cut Cleveland-Cliffs from a hold rating to a sell rating in a research note on Wednesday, November 1st. Finally, Vertical Group initiated coverage on Cleveland-Cliffs in a research note on Friday, January 19th. They set a sell rating for the company. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Cleveland-Cliffs currently has a consensus rating of Hold and an average target price of $9.63.

Shares of Cleveland-Cliffs (CLF) traded down $0.10 during midday trading on Wednesday, hitting $7.22. 4,561,235 shares of the stock were exchanged, compared to its average volume of 16,353,081. Cleveland-Cliffs has a twelve month low of $5.56 and a twelve month high of $12.22. The firm has a market cap of $2,130.00, a PE ratio of 5.56 and a beta of 1.58. The company has a quick ratio of 2.80, a current ratio of 3.42 and a debt-to-equity ratio of -5.28.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, January 25th. The mining company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.11. Cleveland-Cliffs had a negative return on equity of 35.92% and a net margin of 16.09%. The company had revenue of $600.90 million for the quarter, compared to analyst estimates of $612.50 million. During the same quarter last year, the firm posted $0.42 EPS. The firm’s revenue for the quarter was down 20.3% on a year-over-year basis. equities analysts forecast that Cleveland-Cliffs will post 1.02 EPS for the current year.

A number of hedge funds have recently made changes to their positions in CLF. NEXT Financial Group Inc grew its holdings in Cleveland-Cliffs by 87.8% in the fourth quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock valued at $100,000 after purchasing an additional 6,500 shares during the last quarter. Granite Springs Asset Management LLC purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at $105,000. Quantitative Investment Management LLC purchased a new position in Cleveland-Cliffs during the fourth quarter worth about $115,000. D.A. Davidson & CO. lifted its position in Cleveland-Cliffs by 486.8% during the second quarter. D.A. Davidson & CO. now owns 18,597 shares of the mining company’s stock worth $128,000 after buying an additional 15,428 shares during the period. Finally, Moors & Cabot Inc. purchased a new position in Cleveland-Cliffs during the second quarter worth about $128,000. 56.74% of the stock is currently owned by hedge funds and other institutional investors.

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Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.

Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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