Shares of Cleveland-Cliffs (CLF) stock have seen big gains in recent weeks as iron ore manufacturing competitor Vale (VALE) decreased production in the wake of the company’s dam disaster that killed 120 people, leaving hundreds still missing. Vale stock plummeted as the company announced decommission of similarly-constructed dams, boosting iron ore prices due to decrease in supply.
Vale announced Monday that in addition to decommissioning dams, the company would be temporarily halting production at the Vargem Grande Complex, which accounts for nearly 13 million tons of processed iron ore a year.
Vale declared ‘force majeure’, or unforeseeable circumstances preventing the fulfillment of a contract, Tuesday as a result of halted production at the Brucutu mine, which is the company’s largest mine in the Minas Gerais state where the original tragedy took place.
Stock Score Report, InvestorsObserver’s proprietary scoring system gives CLF stock a score of 63 out of a possible 100. That score is based on three component scores. A fundamental score of 22, a long-term technical score of 76 and a short-term technical score of 91.
CLF stock has an analyst average recommendation of Moderate Buy, with a median target price of $11.88, which is 13.9% higher than the stock’s current trading price.
Cleveland-Cliffs stock has risen 1.72% while the S&P 500 has fallen -0.26% as of 11:35 AM on Wednesday, Feb 6. CLF stock has gained $0.18 from the previous closing price of $10.46 on volume of 2,964,768 shares. Over the past year the S&P 500 is up 1.31% while Cleveland-Cliffs Inc has gained 57.40%. CLF lost -$0.07 share in the most-recent quarter.
Our proprietary system combines short and long-term technical factors, Wall Street’s opinion, and other fundamental factors into an overall score that measures a stock’s suitability for investment.
Meanwhile, the major indices are headed in different directions. The Dow Jones Industrial Average is unmoved 0% to 25,411.40. The NASDAQ has fallen -0.19% to 7,388.27. The S&P 500 is lower by -0.26% to 2,730.46.