Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $11.25 by Analysts at The Goldman Sachs Group

Cleveland-Cliffs (NYSE:CLF) had its price target lowered by research analysts at The Goldman Sachs Group from $13.00 to $11.25 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the mining company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 48.61% from the stock’s current price.

Other research analysts have also issued reports about the company. Glj Research lowered their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. B. Riley reissued a “buy” rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $15.02.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $7.57 on Monday. Cleveland-Cliffs has a twelve month low of $6.17 and a twelve month high of $18.10. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -7.80 and a beta of 2.03. The business has a 50 day simple moving average of $8.27 and a 200-day simple moving average of $10.05.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The business’s revenue was down 11.0% on a year-over-year basis. As a group, equities research analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Insider Activity

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. The trade was a 1.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 23,500 shares of company stock worth $243,095 in the last ninety days. Corporate insiders own 1.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $25,000. Estabrook Capital Management grew its position in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after purchasing an additional 2,700 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at about $36,000. Byrne Asset Management LLC grew its position in shares of Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $44,000. 67.68% of the stock is owned by institutional investors.

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.