Shares of Cleveland-Cliffs Inc (NYSE:CLF) gapped down prior to trading on Thursday . $8.24, but opened at $8.02. Cleveland-Cliffs shares last traded at $7.76, with a volume of 8697048 shares trading hands.
A number of equities analysts recently weighed in on the stock. Jefferies Financial Group raised shares of Cleveland-Cliffs to a “buy” rating and set a $13.00 price objective for the company in a research report on Friday, September 7th. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, December 3rd. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Tuesday, October 9th. B. Riley set a $15.00 price objective on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a research report on Wednesday, September 26th. Finally, ValuEngine raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Wednesday, September 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $11.27.
Get Cleveland-Cliffs alerts: The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 15.72 and a beta of 1.62.
Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Friday, October 19th. The mining company reported $0.64 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). The company had revenue of $742.00 million for the quarter, compared to analysts’ expectations of $736.06 million. Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 EPS. On average, research analysts anticipate that Cleveland-Cliffs Inc will post 1.95 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Friday, January 4th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, January 3rd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.54%.
Cleveland-Cliffs declared that its Board of Directors has approved a stock buyback plan on Monday, November 26th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the mining company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of the business. CIBC World Markets Inc. boosted its position in Cleveland-Cliffs by 33.5% in the 2nd quarter. CIBC World Markets Inc. now owns 20,160 shares of the mining company’s stock valued at $170,000 after buying an additional 5,060 shares during the period. Baird Financial Group Inc. boosted its position in Cleveland-Cliffs by 67.3% in the 2nd quarter. Baird Financial Group Inc. now owns 18,643 shares of the mining company’s stock valued at $157,000 after buying an additional 7,500 shares during the period. Congress Asset Management Co. MA boosted its position in Cleveland-Cliffs by 11.6% in the 3rd quarter. Congress Asset Management Co. MA now owns 76,500 shares of the mining company’s stock valued at $968,000 after buying an additional 7,975 shares during the period. Commonwealth Equity Services LLC boosted its position in Cleveland-Cliffs by 13.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 75,217 shares of the mining company’s stock valued at $952,000 after buying an additional 8,920 shares during the period. Finally, NEXT Financial Group Inc purchased a new position in Cleveland-Cliffs in the 3rd quarter valued at approximately $122,000. 69.66% of the stock is owned by institutional investors.
TRADEMARK VIOLATION WARNING: “Cleveland-Cliffs (CLF) Shares Gap Down to $8.02” was reported the sole property of of viewing this article on another publication, it was illegally stolen and reposted in violation of US and international copyright and trademark law. The legal version of this article can be read at https://theolympiareport.com/2018/12/29/cleveland-cliffs-clf-shares-gap-down-to-8-02.html. About Cleveland-Cliffs ( 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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