Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $11.50 by Analysts at Bank of America

Cleveland-Cliffs (NYSE:CLF) had its price target cut by equities research analysts at Bank of America from $14.00 to $11.50 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the mining company’s stock. Bank of America‘s target price points to a potential upside of 21.00% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and lifted their target price for the stock from $9.03 to $15.01 in a report on Tuesday, June 9th. KeyCorp assumed coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a research report on Friday, May 1st. JPMorgan Chase & Co. increased their target price on Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, June 10th. Finally, Citigroup reduced their target price on Cleveland-Cliffs from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday. Nine research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $11.80.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $9.50 on Thursday. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs has a 1 year low of $7.73 and a 1 year high of $16.70. The company has a market cap of $5.42 billion, a PE ratio of -4.06 and a beta of 2.13. The company’s 50-day moving average is $11.51 and its two-hundred day moving average is $11.33.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.04. The company had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.92) EPS. Equities analysts anticipate that Cleveland-Cliffs will post -0.27 earnings per share for the current year.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Several large investors have recently modified their holdings of CLF. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at about $25,000. IFP Advisors Inc increased its stake in Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after purchasing an additional 1,200 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in Cleveland-Cliffs by 306.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after buying an additional 1,855 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after buying an additional 1,214 shares during the period. Finally, Larson Financial Group LLC lifted its stake in Cleveland-Cliffs by 819.2% in the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after buying an additional 2,392 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.