Cleveland-Cliffs’ (CLF) “Equal Weight” Rating Reaffirmed at Morgan Stanley

by · The Markets Daily

Morgan Stanley reaffirmed their equal weight rating on shares of Cleveland-Cliffs (NYSE:CLF – Free Report) in a research note released on Tuesday, Benzinga reports. Morgan Stanley currently has a $15.00 price objective on the mining company’s stock.

CLF has been the subject of several other research reports. Citigroup dropped 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. JPMorgan Chase & Co. cut Cleveland-Cliffs from an overweight rating to a neutral rating and dropped their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Bank of America lowered their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a neutral rating for the company in a research note on Wednesday, June 26th. B. Riley restated a buy rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a hold rating to a strong-buy rating in a research note on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of Hold and a consensus target price of $17.56.

Get Our Latest Analysis on Cleveland-Cliffs

Cleveland-Cliffs Trading Down 2.3 %

NYSE CLF opened at $11.75 on Tuesday. Cleveland-Cliffs has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The stock has a 50 day simple moving average of $13.42 and a two-hundred day simple moving average of $16.60. The stock has a market cap of $5.59 billion, a P/E ratio of 15.49, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter last year, the business posted $0.69 EPS. The business’s revenue was down 14.9% on a year-over-year basis. On average, analysts forecast that Cleveland-Cliffs will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CLF. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs during the second quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new position in Cleveland-Cliffs during the second quarter valued at $31,000. Gradient Investments LLC raised its stake in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after buying an additional 1,249 shares during the last quarter. Rise Advisors LLC raised its stake in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after buying an additional 1,429 shares during the last quarter. Finally, Hexagon Capital Partners LLC increased its holdings in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

(Get Free Report)

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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