Cleveland-Cliffs (NYSE:CLF) Cut to Neutral at JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLFGet Free Report) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Tuesday, Marketbeat reports. They presently have a $17.00 price objective on the mining company’s stock, down from their previous price objective of $23.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 12.81% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Citigroup lowered Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a research report on Wednesday, March 13th. Morgan Stanley dropped their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. Wolfe Research reissued an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. B. Riley cut their target price on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Finally, BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $19.79.

View Our Latest Analysis on CLF

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $15.07 on Tuesday. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 20.45, a price-to-earnings-growth ratio of 0.55 and a beta of 2.08. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. Cleveland-Cliffs has a 52 week low of $13.84 and a 52 week high of $22.97. The firm has a 50-day simple moving average of $18.44 and a 200-day simple moving average of $19.22.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last announced its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.11) EPS. On average, equities analysts predict that Cleveland-Cliffs will post 0.61 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has authorized a share buyback plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in outstanding 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 board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average price of $14.98 per share, with a total value of $108,605.00. Following the completion of the acquisition, the chief financial officer now owns 314,362 shares in the company, valued at $4,709,142.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average price of $14.98 per share, for a total transaction of $108,605.00. Following the transaction, the chief financial officer now directly owns 314,362 shares in the company, valued at $4,709,142.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lourenco Goncalves bought 60,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were acquired at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the purchase, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The disclosure for this purchase can be found here. Insiders acquired 92,250 shares of company stock valued at $1,539,205 in the last ninety days. Insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rise Advisors LLC boosted its stake 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 valued at $34,000 after acquiring an additional 1,429 shares during the last quarter. Anchor Investment Management LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $31,000. Lindbrook Capital LLC lifted its stake 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 valued at $32,000 after buying an additional 716 shares during the period. HighMark Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $35,000. Finally, Hexagon Capital Partners LLC raised its holdings in Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after acquiring an additional 500 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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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.

Further Reading

Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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