Cleveland-Cliffs Inc (CLF) Received its Third Buy in a Row


After Jefferies and Credit Suisse gave Cleveland-Cliffs Inc (NYSE: CLF) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Lucas Pipes maintained a Buy rating on Cleveland-Cliffs Inc today and set a price target of $15. The company’s shares closed yesterday at $9.71.

Pipes commented:

“We are reiterating our $15 PT for Cleveland-Cliffs and adjusting our model slightly to better account for company tax refunds. In addition, we are also taking the opportunity to address Cleveland-Cliffs’ growing short interest position. Based on the most recent data, the company has approximately 68M shares of short interest or ~25% of its total shares outstanding (a 47% increase ytd). In our opinion, there is no fundamental case for such an extreme positioning. On the contrary, we believe that the outlook for Cleveland-Cliffs is robust with iron ore prices rising to over $100/Mt this week, offsetting recent softness in domestic steel prices.”

According to TipRanks.com, Pipes is a 1-star analyst with an average return of -0.8% and a 44.0% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Covia Holdings Corporation, and CONSOL Coal Resources LP.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cleveland-Cliffs Inc with a $13.81 average price target.

See today’s analyst top recommended stocks >>

Cleveland-Cliffs Inc’s market cap is currently $2.75B and has a P/E ratio of 2.51. The company has a Price to Book ratio of 10.49.

Based on the recent corporate insider activity of 51 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. is an iron ore mining company. It supplies iron ore pellets to the North American steel industry from mines and pellet plants located in Michigan and Minnesota. It operates through the following segments: Mining & Pelletizing and Metallics.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts