Cleveland-Cliffs (CLF) Shares Gap Up to $6.80
Cleveland-Cliffs Inc (NYSE:CLF) shares gapped up prior to trading on Thursday . The stock had previously closed at $6.54, but opened at $6.80. Cleveland-Cliffs shares last traded at $6.63, with a volume of 9474950 shares changing hands.
A number of research analysts have recently weighed in on the company. Vertical Group assumed coverage on Cleveland-Cliffs in a report on Friday, January 19th. They issued a “sell” rating on the stock. Zacks Investment Research lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. B. Riley reiterated a “buy” rating and set a $11.00 price target (up from $10.00) on shares of Cleveland-Cliffs in a report on Friday, January 5th. Cowen reiterated a “market perform” rating and set a $9.00 price target (up from $7.00) on shares of Cleveland-Cliffs in a report on Friday, January 26th. Finally, FBR & Co reiterated a “buy” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a report on Friday, October 20th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $9.63.
The stock has a market capitalization of $1,970.00, a price-to-earnings ratio of 5.10 and a beta of 1.58. The company has a quick ratio of 2.80, a current ratio of 3.42 and a debt-to-equity ratio of -5.28.
Several institutional investors and hedge funds have recently modified their holdings of CLF. NEXT Financial Group Inc raised its stake in shares of Cleveland-Cliffs by 87.8% in the fourth quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock valued at $100,000 after buying an additional 6,500 shares during the period. D.A. Davidson & CO. raised its stake in shares of Cleveland-Cliffs by 486.8% in the second quarter. D.A. Davidson & CO. now owns 18,597 shares of the mining company’s stock valued at $128,000 after buying an additional 15,428 shares during the period. Moors & Cabot Inc. bought a new stake in shares of Cleveland-Cliffs in the second quarter valued at $128,000. HighTower Advisors LLC raised its stake in shares of Cleveland-Cliffs by 19.0% in the second quarter. HighTower Advisors LLC now owns 19,092 shares of the mining company’s stock valued at $133,000 after buying an additional 3,046 shares during the period. Finally, Girard Partners LTD. bought a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at $142,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.
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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.
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