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Morgan Stanley Maintains a Hold Rating on Cleveland-Cliffs (CLF)

Morgan Stanley analyst Carlos De Alba maintained a Hold rating on Cleveland-Cliffs (CLFResearch Report) today and set a price target of $24.00. The company’s shares closed last Wednesday at $21.88.

According to TipRanks.com, Alba is a 5-star analyst with an average return of 34.6% and a 66.3% success rate. Alba covers the Basic Materials sector, focusing on stocks such as Compania de Minas Buenaventura SAA, United States Steel, and Nexa Resources SA.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cleveland-Cliffs with a $33.75 average price target.

See today’s best-performing stocks on TipRanks >>

Based on Cleveland-Cliffs’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $5.96 billion and net profit of $801 million. In comparison, last year the company earned revenue of $4.05 billion and had a net profit of $41 million.

Based on the recent corporate insider activity of 69 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. 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.

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