Cleveland-Cliffs (NYSE:CLF) Receives Equal Weight Rating from Morgan Stanley
Morgan Stanley reiterated their equal weight rating on shares of Cleveland-Cliffs (NYSE:CLF – Free Report) in a research note published on Tuesday morning, Benzinga reports. The firm currently has a $20.00 target price on the mining company’s stock. Other research analysts have also issued reports about the company. BNP Paribas lowered Cleveland-Cliffs from a neutral […] Cleveland-Cliffs (NYSE:CLF) has been given an equal weight rating by Morgan Stanley (Morgan Stanley) in a research note. The firm currently has a $20.00 target price on its stock. Other research analysts have also commented on the company's underperform rating and lowered it from a buy rating to an underperformed rating. TheStreet cut shares of Cleveland-CLiffs from a b- to a c rating in a report on January 30th. Cleveland-Cliff's revenue for the quarter was up 1.3% on a year-over-year basis. The company last reported earnings of ($0.05), meeting the consensus earnings estimate of $5.11 billion. In other news, EVP Terry G. Fedor sold 27,430 shares of CleverCliffs stock in a transaction on March 6th. Following the sale, he now owns 534,617 shares in the company, valued at $10,793,917.23.
Published : a month ago by Defense World Staff in Finance
Morgan Stanley reiterated their equal weight rating on shares of Cleveland-Cliffs (NYSE:CLF – Free Report) in a research note published on Tuesday morning, Benzinga reports. The firm currently has a $20.00 target price on the mining company’s stock.
Other research analysts have also issued reports about the company. BNP Paribas lowered Cleveland-Cliffs from a neutral rating to an underperform rating and set a $16.50 price objective for the company. in a research report on Wednesday, February 28th. StockNews.com cut shares of Cleveland-Cliffs from a buy rating to a hold rating in a report on Wednesday, February 21st. TheStreet cut shares of Cleveland-Cliffs from a b- rating to a c rating in a report on Tuesday, January 30th. Argus cut shares of Cleveland-Cliffs from a buy rating to a hold rating in a report on Thursday, February 8th. Finally, Citigroup cut shares of Cleveland-Cliffs from a buy rating to a neutral rating and set a $22.00 price target on the stock. in a report on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $20.30.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its quarterly earnings data on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter last year, the business posted ($0.30) EPS. Cleveland-Cliffs’s revenue for the quarter was up 1.3% on a year-over-year basis. Equities research analysts predict that Cleveland-Cliffs will post 1.84 earnings per share for the current year.
In other news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the sale, the executive vice president now owns 534,617 shares in the company, valued at $10,793,917.23. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the sale, the executive vice president now owns 534,617 shares in the company, valued at $10,793,917.23. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Arlene M. Yocum purchased 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was acquired at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the purchase, the director now owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 221,066 shares of company stock worth $4,464,688. 1.57% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the business. Korea Investment CORP grew its holdings in shares of Cleveland-Cliffs by 30.6% in the third quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock valued at $8,048,000 after purchasing an additional 120,540 shares in the last quarter. Barclays PLC grew its holdings in Cleveland-Cliffs by 240.4% during the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock worth $31,083,000 after acquiring an additional 1,404,491 shares in the last quarter. Douglas Lane & Associates LLC grew its holdings in Cleveland-Cliffs by 55.5% during the 3rd quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company’s stock worth $27,251,000 after acquiring an additional 621,937 shares in the last quarter. Aigen Investment Management LP acquired a new position in Cleveland-Cliffs during the 3rd quarter worth approximately $4,970,000. Finally, Handelsinvest Investeringsforvaltning acquired a new position in Cleveland-Cliffs during the 3rd quarter worth approximately $3,908,000. Institutional investors and hedge funds own 67.68% of the company’s stock.
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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Topics: Markets