Cleveland-Cliffs (NYSE:CLF) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLF) had its target price trimmed by JPMorgan Chase & Co. from $13.00 to $12.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the mining company’s stock.

Several other brokerages have also recently issued reports on CLF. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. UBS Group set a $13.00 target price on Cleveland-Cliffs in a report on Monday, September 7th. Wells Fargo & Company raised Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $12.00 to $14.00 in a research note on Tuesday, October 6th. Morgan Stanley restated an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Finally, Barclays increased their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, July 24th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $12.35.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $12.97 on Friday. 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 has a 52-week low of $7.73 and a 52-week high of $16.70. The firm has a market cap of $7.40 billion, a PE ratio of -8.01 and a beta of 2.09. The company’s 50 day moving average is $11.98 and its two-hundred day moving average is $11.10.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. The business had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.50) earnings per share. On average, research analysts expect that Cleveland-Cliffs will post -0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of Cleveland-Cliffs by 91.3% during the third quarter. GAMMA Investing LLC now owns 23,242 shares of the mining company’s stock worth $256,000 after purchasing an additional 11,093 shares in the last quarter. Tidal Investments LLC increased its holdings in Cleveland-Cliffs by 79.2% in the second quarter. Tidal Investments LLC now owns 80,324 shares of the mining company’s stock valued at $754,000 after buying an additional 35,506 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new position in Cleveland-Cliffs in the second quarter valued at $1,969,000. Engineers Gate Manager LP raised its stake in Cleveland-Cliffs by 212.9% in the second quarter. Engineers Gate Manager LP now owns 1,407,953 shares of the mining company’s stock valued at $13,221,000 after buying an additional 958,049 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in Cleveland-Cliffs by 39.5% in the second quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock valued at $48,000 after buying an additional 1,453 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.