Cleveland-Cliffs (NYSE:CLF) Now Covered by The Goldman Sachs Group

Research analysts at The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs (NYSE:CLF) in a report released on Monday,Benzinga reports. The brokerage set a “buy” rating and a $16.00 price target on the mining company’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 28.51% from the company’s previous close.

Several other equities analysts have also recently commented on CLF. Citigroup dropped their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Morgan Stanley cut their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus price target of $17.39.

Cleveland-Cliffs Trading Up 2.6 %

Shares of NYSE:CLF opened at $12.45 on Monday. The company has a market capitalization of $6.15 billion, a P/E ratio of -12.84 and a beta of 1.97. 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 business’s 50 day simple moving average is $12.69 and its 200 day simple moving average is $13.90. Cleveland-Cliffs has a 1 year low of $10.21 and a 1 year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its 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 company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. During the same period last year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. On average, research analysts anticipate that Cleveland-Cliffs will post -0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers lifted its holdings in shares of Cleveland-Cliffs by 316.1% during the first quarter. Cetera Investment Advisers now owns 318,990 shares of the mining company’s stock worth $7,254,000 after purchasing an additional 242,332 shares during the period. Cetera Advisors LLC grew its position in shares of Cleveland-Cliffs by 27.7% in the 1st quarter. Cetera Advisors LLC now owns 50,839 shares of the mining company’s stock valued at $1,156,000 after buying an additional 11,021 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after buying an additional 984 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 shares during the last quarter. Finally, DNB Asset Management AS lifted its stake in shares of Cleveland-Cliffs by 7.6% in the second quarter. DNB Asset Management AS now owns 89,677 shares of the mining company’s stock worth $1,380,000 after acquiring an additional 6,337 shares during the period. Institutional investors 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.