Shares of Cleveland-Cliffs Inc (NYSE:CLF) have been given an average recommendation of “Hold” by the fifteen analysts that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $11.80.
CLF has been the subject of a number of research analyst reports. ValuEngine upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Jefferies Financial Group lifted their price objective on shares of Cleveland-Cliffs from $11.50 to $13.75 and gave the company a “buy” rating in a report on Friday, February 8th. TheStreet upgraded shares of Cleveland-Cliffs from a “c+” rating to a “b” rating in a report on Wednesday, February 20th. B. Riley set a $14.00 price objective on shares of Cleveland-Cliffs and gave the company a “buy” rating in a report on Thursday, December 13th. Finally, Zacks Investment Research lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Monday, December 10th.
Get Cleveland-Cliffs alerts:In other Cleveland-Cliffs news, CFO Keith Koci purchased 3,200 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 15th. The stock was acquired at an average price of $11.23 per share, for a total transaction of $35,936.00. Following the acquisition, the chief financial officer now owns 3,700 shares in the company, valued at approximately $41,551. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.89% of the company’s stock.
Several large investors have recently bought and sold shares of CLF. Vanguard Group Inc raised its holdings in shares of Cleveland-Cliffs by 14.8% in the 3rd quarter. Vanguard Group Inc now owns 30,220,875 shares of the mining company’s stock valued at $382,597,000 after purchasing an additional 3,885,273 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Cleveland-Cliffs by 14.8% in the 3rd quarter. Vanguard Group Inc. now owns 30,220,875 shares of the mining company’s stock worth $382,597,000 after buying an additional 3,885,273 shares during the last quarter. Ruffer LLP grew its position in shares of Cleveland-Cliffs by 22.8% in the 4th quarter. Ruffer LLP now owns 19,706,280 shares of the mining company’s stock worth $151,625,000 after buying an additional 3,665,288 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Cleveland-Cliffs by 27.2% in the 4th quarter. Fisher Asset Management LLC now owns 10,901,099 shares of the mining company’s stock worth $83,829,000 after buying an additional 2,332,343 shares during the last quarter. Finally, Pelham Capital Ltd. purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter worth approximately $20,676,000. Institutional investors and hedge funds own 72.51% of the company’s stock.
Shares of CLF stock traded down $0.28 during trading hours on Friday, reaching $10.82. 6,286,588 shares of the stock were exchanged, compared to its average volume of 11,181,458. Cleveland-Cliffs has a 12-month low of $6.40 and a 12-month high of $13.10. The company has a current ratio of 3.16, a quick ratio of 2.77 and a debt-to-equity ratio of 4.93. The stock has a market cap of $3.24 billion, a PE ratio of 5.08 and a beta of 1.82.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Friday, February 8th. The mining company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). Cleveland-Cliffs had a negative return on equity of 509.82% and a net margin of 47.17%. The firm had revenue of $696.30 million for the quarter, compared to analysts’ expectations of $721.52 million. During the same period in the prior year, the firm posted $1.07 earnings per share. Cleveland-Cliffs’s revenue for the quarter was up 36.0% on a year-over-year basis. Sell-side analysts forecast that Cleveland-Cliffs will post 1.59 EPS for the current year.
Cleveland-Cliffs announced that its Board of Directors has authorized a share repurchase plan on Monday, November 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the mining company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, April 5th will be issued a dividend of $0.05 per share. The ex-dividend date is Thursday, April 4th. This represents a $0.20 dividend on an annualized basis and a yield of 1.85%. Cleveland-Cliffs’s payout ratio is 9.39%.
About Cleveland-Cliffs
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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