Cleveland-Cliffs Inc (NYSE:CLF)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $5.76, but opened at $5.60. Cleveland-Cliffs shares last traded at $5.77, with a volume of 338,401 shares changing hands.

Several research analysts recently commented on the company. ValuEngine upgraded Cleveland-Cliffs from a “strong sell” rating to a “sell” rating in a research note on Friday, May 1st. JPMorgan Chase & Co. reduced their target price on Cleveland-Cliffs from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, April 1st. Citigroup dropped their price target on shares of Cleveland-Cliffs from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, March 4th. Credit Suisse Group began coverage on shares of Cleveland-Cliffs in a research note on Wednesday, April 15th. They set a “neutral” rating on the stock. Finally, B. Riley reissued a “buy” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $8.83.

The company has a debt-to-equity ratio of 3.54, a current ratio of 2.24 and a quick ratio of 0.67. The business’s fifty day simple moving average is $4.37 and its 200 day simple moving average is $6.17. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 6.02 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, May 11th. The mining company reported ($0.18) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.18). Cleveland-Cliffs had a net margin of 11.99% and a return on equity of 63.19%. The company had revenue of $324.50 million for the quarter, compared to the consensus estimate of $366.23 million. During the same period last year, the firm posted ($0.08) EPS. The company’s revenue for the quarter was up 106.7% on a year-over-year basis. As a group, equities analysts forecast that Cleveland-Cliffs Inc will post -0.5 EPS for the current fiscal year.

In related news, CFO Keith Koci acquired 25,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of $4.09 per share, for a total transaction of $102,250.00. Following the purchase, the chief financial officer now directly owns 124,649 shares in the company, valued at $509,814.41. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lourenco Goncalves bought 200,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was bought at an average cost of $4.49 per share, for a total transaction of $898,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,565,597 shares of the company’s stock, valued at $16,009,530.53. The disclosure for this purchase can be found here. Insiders acquired 240,000 shares of company stock worth $1,066,650 in the last three months. 1.83% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in CLF. Atlas Private Wealth Management acquired a new position in Cleveland-Cliffs during the 4th quarter valued at about $26,000. Moser Wealth Advisors LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $30,000. Verus Capital Partners LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $42,000. Strs Ohio grew its holdings in Cleveland-Cliffs by 145.5% in the 4th quarter. Strs Ohio now owns 5,400 shares of the mining company’s stock worth $45,000 after buying an additional 3,200 shares in the last quarter. Finally, Islay Capital Management LLC acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at approximately $57,000. 67.03% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile (NYSE:CLF)

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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