B. Riley Lowers Cleveland-Cliffs (NYSE:CLF) Price Target to $24.00

Cleveland-Cliffs (NYSE:CLF) had its target price decreased by equities research analysts at B. Riley from $25.00 to $24.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. B. Riley’s target price points to a potential upside of 43.76% from the company’s current price. B. Riley also issued estimates for Cleveland-Cliffs’ Q4 2024 earnings at $0.42 EPS.

Other equities analysts have also recently issued research reports about the company. StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Wolfe Research restated an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. JPMorgan Chase & Co. reduced their price objective on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Finally, Morgan Stanley restated an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $20.42.

Cleveland-Cliffs Trading Down 1.2 %

Cleveland-Cliffs stock opened at $16.70 on Tuesday. Cleveland-Cliffs has a 52 week low of $13.61 and a 52 week high of $22.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90. The stock has a market capitalization of $7.94 billion, a P/E ratio of 22.56, a PEG ratio of 0.67 and a beta of 2.03. The stock has a 50-day simple moving average of $20.78 and a 200 day simple moving average of $19.08.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter in the previous year, the business posted ($0.11) EPS. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. Analysts expect that Cleveland-Cliffs will post 1.56 earnings per share for the current year.

Cleveland-Cliffs announced that its board has authorized a share repurchase plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the sale, the executive vice president now directly owns 534,617 shares in the company, valued at $10,793,917.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the transaction, the executive vice president now directly owns 534,617 shares in the company, valued at $10,793,917.23. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. 1.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC acquired a new position in Cleveland-Cliffs during the third quarter valued at approximately $29,000. Anchor Investment Management LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth $31,000. Lindbrook Capital LLC increased its holdings in shares of Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after buying an additional 716 shares in the last quarter. Rise Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after buying an additional 1,429 shares in the last quarter. Finally, HighMark Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth $35,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.