Cleveland-Cliffs (NYSE:CLF) Reaches New 12-Month High at $22.97
Cleveland-Cliffs (NYSE:CLF) Reaches New 1-Year High at $22.97 Shares of Cleveland-Cliffs Inc. (NYSE:CLF) reached a new 52-week high during mid-day trading on Thursday, reaching $22.97. The stock traded as high as $23.97 and last traded at $22.,82, with a volume of 323787 shares changing hands. The company has been downgraded several times by analysts, including Argus and BNP Paribas. Citigroup lowered its target price to a "neutral" rating on Wednesday, February 28th and Morgan Stanley issued an "equal weight" rating and issued a $20.00 price target on shares of the company. The firm's revenue was up 1.3% on a year-over-year basis. Cleveland-CLiffs reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.,05).
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Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $22.97 and last traded at $22.82, with a volume of 323787 shares changing hands. The stock had previously closed at $22.83.
CLF has been the topic of several research reports. Argus lowered Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research report on Thursday, February 8th. BNP Paribas lowered Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 target price on the stock. in a research report on Wednesday, February 28th. Citigroup lowered Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 target price on the stock. in a research report on Wednesday, March 13th. TheStreet lowered Cleveland-Cliffs from a "b-" rating to a "c" rating in a research report on Tuesday, January 30th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and an average price target of $20.30.
Check Out Our Latest Stock Report on Cleveland-Cliffs
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The stock has a market cap of $11.37 billion, a PE ratio of 29.65, a PEG ratio of 0.77 and a beta of 2.03. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. The stock has a 50 day moving average of $20.45 and a two-hundred day moving average of $18.33.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The firm's revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.30) EPS. Equities analysts anticipate that Cleveland-Cliffs Inc. will post 1.84 EPS for the current year.
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In other news, Director Ron A. Bloom acquired 25,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were acquired at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the completion of the transaction, the director now owns 27,221 shares in the company, valued at approximately $550,953.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cleveland-Cliffs news, Director Ron A. Bloom acquired 25,000 shares of Cleveland-Cliffs stock in a transaction on Thursday, February 1st. The shares were bought at an average price of $20.24 per share, with a total value of $506,000.00. Following the completion of the purchase, the director now owns 27,221 shares in the company, valued at $550,953.04. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Arlene M. Yocum purchased 2,000 shares of the business's stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the purchase, the director now directly owns 94,887 shares of the company's stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders have sold a total of 221,066 shares of company stock valued at $4,464,688 in the last three months. Company insiders own 1.57% of the company's stock.
A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. increased its position in Cleveland-Cliffs by 3.8% in the 1st quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company's stock valued at $1,034,787,000 after buying an additional 2,041,111 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Cleveland-Cliffs by 0.9% in the third quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company's stock worth $616,355,000 after purchasing an additional 387,794 shares during the period. State Street Corp increased its holdings in shares of Cleveland-Cliffs by 18.6% in the second quarter. State Street Corp now owns 21,000,065 shares of the mining company's stock worth $322,771,000 after purchasing an additional 3,295,448 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cleveland-Cliffs by 2.1% in the first quarter. Geode Capital Management LLC now owns 7,476,201 shares of the mining company's stock worth $136,853,000 after purchasing an additional 150,571 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Cleveland-Cliffs by 1.5% in the fourth quarter. Morgan Stanley now owns 6,855,860 shares of the mining company's stock worth $110,448,000 after purchasing an additional 98,117 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.
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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