Brokerages Set Cleveland-Cliffs Inc. (NYSE:CLF) Price Target at $12.78

Cleveland-Cliffs Inc. (NYSE:CLF) has received an average rating of “Hold” from the ten analysts that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $12.7750.

CLF has been the subject of several recent research reports. UBS Group set a $15.00 price target on Cleveland-Cliffs in a report on Monday, October 27th. KeyCorp reduced their price target on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. The Goldman Sachs Group increased their price objective on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Glj Research reiterated a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Finally, JPMorgan Chase & Co. upped their target price on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 13th.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp boosted its holdings in Cleveland-Cliffs by 20.2% in the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the last quarter. Maple Rock Capital Partners Inc. acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth approximately $63,731,000. Citigroup Inc. increased its stake in shares of Cleveland-Cliffs by 17.5% in the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock worth $97,733,000 after buying an additional 1,195,035 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Cleveland-Cliffs by 200.4% in the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after buying an additional 4,222,528 shares during the last quarter. Finally, Norges Bank acquired a new stake in Cleveland-Cliffs in the second quarter valued at $44,120,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 5.6%

CLF opened at $12.67 on Thursday. Cleveland-Cliffs has a 1 year low of $5.63 and a 1 year high of $16.70. The firm has a 50 day moving average price of $12.45 and a 200 day moving average price of $10.67. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. The company has a market cap of $6.27 billion, a PE ratio of -3.72 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The company had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the business earned ($0.33) earnings per share. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Sell-side analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.