Morgan Stanley Downgrades US Steel, Cleveland-Cliffs; Reliance, Hecla Mining Release Results And More — Thursday's Top Mining Stories
Portfolio Pulse from Austin DeNoce
Morgan Stanley downgraded United States Steel Corporation (X) and Cleveland-Cliffs (CLF), adjusting their price targets. Cleveland-Cliffs announced the indefinite idling of its tinplate production plant in West Virginia due to tariff issues, affecting 900 employees. Reliance Steel & Aluminum Co. (RS), now Reliance Inc., reported strong financial results for 2023, announced acquisitions, and increased its dividend. Hecla Mining Company (HL) reported significant silver reserves and sales, operational improvements, and strong safety performance. Dakota Gold Corp. (DC) saw a significant share purchase by Director Robert Quartermain.
February 15, 2024 | 8:38 pm
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NEGATIVE IMPACT
Morgan Stanley downgraded Cleveland-Cliffs from Overweight to Equal-Weight, lowering the price target from $21.50 to $20. Cleveland-Cliffs also announced the idling of its tinplate production plant in West Virginia, affecting 900 employees.
The downgrade and reduced price target, combined with the negative news of the plant idling and its impact on employees, suggest a likely short-term negative impact on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 95
NEUTRAL IMPACT
Morgan Stanley downgraded United States Steel Corporation from Overweight to Equal-Weight, raising the price target from $40 to $51.
The downgrade suggests a neutral outlook, but the increased price target indicates a positive view on the company's valuation, leading to mixed short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Director of Dakota Gold Corp., Robert Quartermain, acquired 10,000 shares at an average price of $2.00, totaling roughly $20,000.
Insider buying often signals confidence in the company's future prospects, potentially leading to a positive short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Hecla Mining Company reported significant silver reserves and sales, operational improvements, and strong safety performance.
Reporting significant reserves and sales, along with operational and safety improvements, presents a strong company outlook, likely positively impacting the stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Reliance Steel & Aluminum Co., now Reliance Inc., reported strong 2023 financial results, announced acquisitions, and increased its dividend.
Strong financial performance, strategic acquisitions, and an increased dividend indicate a positive outlook, likely leading to a short-term positive impact on the stock.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90