Cleveland-Cliffs (NYSE:CLF) Raised to Hold at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Cleveland-Cliffs (NYSE:CLFFree Report) to a hold rating in a research note published on Tuesday morning, Zacks.com reports. Seaport Res Ptn also issued estimates for Cleveland-Cliffs’ Q2 2024 earnings at $0.04 EPS, Q3 2024 earnings at $0.09 EPS, Q4 2024 earnings at $0.11 EPS, FY2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.24 EPS, Q2 2025 earnings at $0.27 EPS, Q3 2025 earnings at $0.23 EPS, Q4 2025 earnings at $0.15 EPS and FY2025 earnings at $0.88 EPS.

A number of other analysts have also commented on 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 report on Wednesday, February 28th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an equal weight rating for the company in a research report on Tuesday, April 30th. StockNews.com lowered Cleveland-Cliffs from a buy rating to a hold rating in a research report on Friday, April 26th. Citigroup lowered Cleveland-Cliffs from a buy rating to a neutral rating and set a $22.00 price target for the company. in a research report on Wednesday, March 13th. Finally, Wolfe Research reissued an underperform rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $19.79.

Read Our Latest Analysis on Cleveland-Cliffs

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $14.87 on Tuesday. The company has a market cap of $7.07 billion, a P/E ratio of 20.08, a PEG ratio of 0.55 and a beta of 2.08. The company has a fifty day simple moving average of $18.28 and a 200 day simple moving average of $19.19. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. Cleveland-Cliffs has a 12-month low of $13.84 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.11) earnings per share. Sell-side analysts predict that Cleveland-Cliffs will post 0.61 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has initiated a stock buyback plan on Monday, April 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Lourenco Goncalves acquired 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was bought at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at approximately $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cleveland-Cliffs news, CEO Lourenco Goncalves acquired 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was bought at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ben Oren bought 6,700 shares of the stock in a transaction on Wednesday, June 12th. The shares were acquired at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the acquisition, the director now directly owns 14,167 shares in the company, valued at $212,363.33. The disclosure for this purchase can be found here. Insiders have bought 98,950 shares of company stock valued at $1,639,638 in the last 90 days. Insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $117,585,000. Sound Shore Management Inc. CT raised its stake in shares of Cleveland-Cliffs by 9.0% during the 4th quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock valued at $82,446,000 after purchasing an additional 334,739 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Cleveland-Cliffs by 5.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock valued at $72,328,000 after purchasing an additional 194,948 shares during the period. Castle Hook Partners LP raised its stake in shares of Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after purchasing an additional 410,182 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Cleveland-Cliffs by 10.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock valued at $65,589,000 after purchasing an additional 275,265 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

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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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