B.Riley FBR analyst Lucas Pipes maintained a Buy rating on Cleveland-Cliffs (CLF) today and set a price target of $10.00. The company’s shares closed last Thursday at $4.38.
According to TipRanks.com, Pipes ‘ ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -17.4% and a 34.1% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Novagold Resources New, US Silica Holdings, and Hi-Crush Partners.
Currently, the analyst consensus on Cleveland-Cliffs is a Moderate Buy with an average price target of $6.33.
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Based on Cleveland-Cliffs’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $534 million and net profit of $63.2 million. In comparison, last year the company earned revenue of $696 million and had a net profit of $610 million.
Based on the recent corporate insider activity of 77 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.
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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. The Mining & Pelletizing segment owns operational iron ore mines plus and indefinitely idled mine. The Metallics segment constructs an HBI production plant in Toledo, Ohio. The company was founded in 1847 and is headquartered in Cleveland, OH.
