Cleveland-Cliffs (CLF) Stock Rating Lowered by Zacks Investment Research
Cleveland-Cliffs (NYSE:CLF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Cleveland-Cliffs’ adjusted loss for the first quarter of 2018 was narrower than the Zacks Consensus Estimate while sales beat expectations. It is expected to gain from higher steel demand in the United States. The company also remains focused on de-leveraging its balance sheet. However, Cleveland-Cliffs is facing a challenging operating environment in its Australian operations and pricing headwinds. Demand for iron ore in China also remain soft. Also, it has underperformed the industry it belongs to over the past year.”
A number of other research firms have also issued reports on CLF. Morgan Stanley boosted their target price on Cleveland-Cliffs from $7.00 to $7.50 and gave the company an “equal weight” rating in a report on Tuesday. Clarkson Capital upgraded Cleveland-Cliffs from a “neutral” rating to a “buy” rating and lifted their price target for the company from $7.00 to $11.00 in a research note on Monday, April 23rd. Jefferies Group reiterated a “buy” rating and set a $9.50 target price on shares of Cleveland-Cliffs in a research report on Friday, April 20th. Goldman Sachs began coverage on Cleveland-Cliffs in a research report on Tuesday, March 20th. They issued a “neutral” rating and a $8.00 price objective on the stock. Finally, Vertical Group downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Wednesday, March 14th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $9.47.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, April 20th. The mining company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.13. The company had revenue of $239.00 million during the quarter, compared to analysts’ expectations of $177.93 million. Cleveland-Cliffs had a negative return on equity of 40.15% and a net margin of 15.12%. Cleveland-Cliffs’s revenue for the quarter was down 48.2% on a year-over-year basis. During the same period last year, the business posted $0.16 EPS. sell-side analysts forecast that Cleveland-Cliffs will post 1.45 EPS for the current year.
In other news, Director Eric M. Rychel acquired 5,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, April 27th. The stock was purchased at an average price of $7.48 per share, with a total value of $37,400.00. Following the completion of the transaction, the director now owns 19,845 shares in the company, valued at $148,440.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Susan Miranda Green sold 11,305 shares of Cleveland-Cliffs stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $7.62, for a total value of $86,144.10. Following the sale, the director now directly owns 60,367 shares of the company’s stock, valued at approximately $459,996.54. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Cleveland-Cliffs by 4.0% in the fourth quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock worth $145,592,000 after purchasing an additional 774,210 shares during the period. Luminus Management LLC boosted its holdings in Cleveland-Cliffs by 23.9% during the fourth quarter. Luminus Management LLC now owns 3,754,600 shares of the mining company’s stock valued at $27,071,000 after purchasing an additional 725,400 shares in the last quarter. Gendell Jeffrey L boosted its holdings in shares of Cleveland-Cliffs by 5.6% in the 4th quarter. Gendell Jeffrey L now owns 3,236,976 shares of the mining company’s stock worth $23,339,000 after acquiring an additional 170,332 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Cleveland-Cliffs by 23.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,909,955 shares of the mining company’s stock worth $13,770,000 after acquiring an additional 367,940 shares in the last quarter. Finally, California Public Employees Retirement System boosted its holdings in shares of Cleveland-Cliffs by 10.4% in the 4th quarter. California Public Employees Retirement System now owns 1,864,984 shares of the mining company’s stock worth $13,447,000 after acquiring an additional 175,516 shares in the last quarter. Institutional investors and hedge funds own 60.62% of the company’s stock.
Cleveland-Cliffs Company Profile
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; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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