Morgan Stanley Reaffirms Equal Weight Rating for Cleveland-Cliffs (NYSE:CLF)

Cleveland-Cliffs (NYSE:CLF)‘s stock had its “equal weight” rating restated by stock analysts at Morgan Stanley in a research report issued on Tuesday, Benzinga reports. They currently have a $15.00 target price on the mining company’s stock. Morgan Stanley’s target price suggests a potential upside of 26.48% from the company’s current price.

Several other analysts have also issued reports on CLF. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Bank of America reduced their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Jefferies Financial Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, May 20th. They issued a “buy” rating and a $22.00 target price for the company. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Finally, B. Riley restated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.75.

Cleveland-Cliffs Stock Up 0.9 %

Shares of NYSE CLF traded up $0.11 on Tuesday, hitting $11.86. The company had a trading volume of 4,175,995 shares, compared to its average volume of 9,576,444. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs has a 12-month low of $10.21 and a 12-month high of $22.97. The business has a 50 day moving average of $13.64 and a two-hundred day moving average of $16.73. The firm has a market capitalization of $5.64 billion, a P/E ratio of 15.99, a PEG ratio of 21.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business’s revenue was down 14.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.69 earnings per share. As a group, equities research analysts forecast that Cleveland-Cliffs will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of CLF. Norges Bank acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $117,585,000. Dimensional Fund Advisors LP lifted its position in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after buying an additional 5,621,797 shares in the last quarter. Peconic Partners LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $42,370,000. AQR Capital Management LLC increased its stake in shares of Cleveland-Cliffs by 49.9% during the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $22,937,000. 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.