B.Riley FBR Sticks to Its Buy Rating for Cleveland-Cliffs (CLF)

By Jason Carr

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 $11.00. The company’s shares closed last Monday at $7.93.

According to TipRanks.com, Pipes is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -5.0% and a 42.5% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Hallador Energy Company, CONSOL Coal Resources, and Peabody Energy Comm.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cleveland-Cliffs with a $9.88 average 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 $610 million.

Based on the recent corporate insider activity of 70 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.