Cleveland-Cliffs (CLF) Upgraded to “Buy” at Zacks Investment Research
Cleveland-Cliffs (NYSE:CLF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, January 4th. The firm currently has a $8.75 target price on the mining company’s stock. Zacks Investment Research‘s target price points to a potential upside of 18.89% from the stock’s previous close.
According to Zacks, “Cleveland-Cliffs remains focused on de-leveraging its balance sheet. It should also gain from major supply deals and an expected rise in steel demand in the United States. The company is also expected to benefit from its pellet supply contracts with its U.S. iron ore customers which will help it to mitigate the impact of fluctuation in seaborne iron ore pricing.”
A number of other equities analysts have also recently weighed in on CLF. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Wednesday, November 1st. ValuEngine cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. FBR & Co reiterated a “buy” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, October 20th. KeyCorp reiterated a “hold” rating on shares of Cleveland-Cliffs in a research note on Tuesday, September 19th. Finally, Jefferies Group reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Monday, September 18th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $9.63.
Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Thursday, January 25th. The mining company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.11. The business had revenue of $600.90 million during the quarter, compared to analysts’ expectations of $612.50 million. Cleveland-Cliffs had a negative return on equity of 35.92% and a net margin of 16.09%. The company’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. equities analysts forecast that Cleveland-Cliffs will post 1.02 earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB lifted its stake in Cleveland-Cliffs by 12.1% during the second quarter. Nordea Investment Management AB now owns 716,957 shares of the mining company’s stock worth $4,961,000 after purchasing an additional 77,549 shares in the last quarter. Voya Investment Management LLC raised its stake in shares of Cleveland-Cliffs by 19.0% in the second quarter. Voya Investment Management LLC now owns 137,280 shares of the mining company’s stock valued at $950,000 after acquiring an additional 21,881 shares in the last quarter. BlackRock Inc. raised its stake in shares of Cleveland-Cliffs by 1.6% in the second quarter. BlackRock Inc. now owns 18,860,269 shares of the mining company’s stock valued at $130,512,000 after acquiring an additional 306,081 shares in the last quarter. State Street Corp raised its stake in shares of Cleveland-Cliffs by 6.5% in the second quarter. State Street Corp now owns 10,720,937 shares of the mining company’s stock valued at $74,189,000 after acquiring an additional 653,261 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Cleveland-Cliffs in the third quarter valued at $1,195,000. Institutional investors own 56.98% of the company’s stock.
ILLEGAL ACTIVITY WARNING: This story was first reported by Marea Informative and is the property of of Marea Informative. If you are viewing this story on another publication, it was illegally stolen and reposted in violation of US & international copyright legislation. The correct version of this story can be read at https://www.mareainformativa.com/2018/01/30/cleveland-cliffs-clf-lifted-to-buy-at-zacks-investment-research-updated-updated-updated.html.
Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.