B.Riley FBR analyst Lucas Pipes maintained a Buy rating on Cleveland-Cliffs Inc (NYSE: CLF) today and set a price target of $12. The company’s shares opened today at $8.50.
“Last week, we hosted Cleveland-Cliffs (CLF) on the road in New York. In attendance were Clifford Smith, EVP of Flanagan, CFO and Executive VP , and Paul Finan, Director IR. The discussion overwhelmingly centered on the HBI (hot briquetted iron) facility. First, investors wanted to get a better sense of the market: its size, substitutes, growth potential, and customer mix. CLF put the addressable market at about 3.6M tons of imported metallics in the Great Lakes region, predominantly pig iron. There are over 20 EAF facilities within a 250-mile radius, which could all consume HBI. Second, investors were keen to glean further insight into potential pricing structure of the product.”
According to TipRanks.com, Pipes is a 4-star analyst with an average return of 7.9% and a 63.2% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Novagold Resources Inc New, and Hallador Energy Company.
Cleveland-Cliffs Inc has an analyst consensus of Strong Buy, with a price target consensus of $10.30.
See today’s analyst top recommended stocks >>
Based on Cleveland-Cliffs Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $84.3 million. In comparison, last year the company had a net profit of $31.8 million.
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CLF in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Cleveland-Cliffs, Inc. operates as a mining and natural resources company, which engages in the exploration of iron ore and metallurgical coal. It serves the North American steel industry from its mines and pellet plants located in Michigan and Minnesota.