Analysts Set Cleveland-Cliffs Inc. (NYSE:CLF) Target Price at $11.86

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have received an average rating of “Hold” from the eleven ratings firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $11.86.

A number of analysts have commented on CLF shares. JPMorgan Chase & Co. decreased their target price on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. 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. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Wells Fargo & Company reiterated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Finally, Barclays increased 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.

Cleveland-Cliffs Stock Down 3.3%

CLF stock opened at $10.80 on Tuesday. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The company’s 50-day moving average price is $11.07 and its 200 day moving average price is $10.77. Cleveland-Cliffs has a 52 week low of $7.73 and a 52 week high of $16.70. The company has a market cap of $6.16 billion, a P/E ratio of -6.67 and a beta of 2.09.

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. On average, research analysts expect that Cleveland-Cliffs will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

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

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its holdings in Cleveland-Cliffs by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after purchasing an additional 943 shares during the last quarter. Moors & Cabot Inc. boosted its holdings in shares of Cleveland-Cliffs by 3.0% during the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock worth $404,000 after buying an additional 960 shares during the period. Rexford Capital Inc. grew its stake in Cleveland-Cliffs by 11.8% in the 4th quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock valued at $126,000 after buying an additional 1,000 shares during the last quarter. IFP Advisors Inc raised its holdings in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its position 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 acquiring an additional 1,214 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.