Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $12.00

Cleveland-Cliffs (NYSE:CLF) had its price objective hoisted by Wells Fargo & Company from $11.00 to $12.00 in a research note released on Monday morning, MarketBeat Ratings reports. Wells Fargo & Company currently has an equal weight rating on the mining company’s stock.

Several other brokerages also recently issued reports on CLF. Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. JPMorgan Chase & Co. lowered their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, July 15th. Barclays upped their price objective on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, July 24th. Bank of America decreased their price objective on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $11.96.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.58 on Monday. The stock has a market cap of $6.61 billion, a PE ratio of -7.15 and a beta of 2.09. Cleveland-Cliffs has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The firm’s fifty day simple moving average is $10.91 and its 200-day simple moving average is $10.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period last year, the company posted ($0.50) earnings per share. Analysts expect that Cleveland-Cliffs will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Los Angeles Capital Management LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $25,000. Center for Financial Planning Inc. grew its position in Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after buying an additional 1,805 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at $30,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of 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 valued at $33,000 after acquiring an additional 1,214 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.