Cleveland-Cliffs (CLF) Receives a Buy from B.Riley FBR

In a report released today, Lucas Pipes from B.Riley FBR maintained a Buy rating on Cleveland-Cliffs (CLFResearch Report), with a price target of $12.00. The company’s shares closed last Monday at $7.51, close to its 52-week low of $6.59.

According to TipRanks.com, Pipes ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -7.3% and a 38.7% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Hallador Energy Company, Novagold Resources New, and CONSOL Coal Resources.

Currently, the analyst consensus on Cleveland-Cliffs is a Strong Buy with an average price target of $9.79, implying a 33.6% upside from current levels. In a report released yesterday, CFRA also reiterated a Buy rating on the stock with a $9.00 price target.

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Based on Cleveland-Cliffs’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $90.9 million. In comparison, last year the company had a net profit of $438 million.

Based on the recent corporate insider activity of 65 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.