Cleveland-Cliffs (NYSE:CLF) Earns “Neutral” Rating from JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLF)‘s stock had its “neutral” rating reiterated by investment analysts at JPMorgan Chase & Co. in a note issued to investors on Monday,Benzinga reports. They currently have a $7.50 price objective on the mining company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 17.31% from the stock’s previous close.

Other analysts also recently issued reports about the company. Glj Research downgraded Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective for the company. in a research note on Wednesday, May 28th. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, May 12th. Morgan Stanley increased their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research report on Friday, June 20th. Finally, B. Riley reiterated a “buy” rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.78.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $9.07 on Monday. The business has a 50-day simple moving average of $7.59 and a 200-day simple moving average of $8.78. The company has a market cap of $4.48 billion, a PE ratio of -3.72 and a beta of 1.91. Cleveland-Cliffs has a one year low of $5.63 and a one year high of $16.09. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The business had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.71 billion. During the same quarter in the previous year, the firm earned $0.18 EPS. Cleveland-Cliffs’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president owned 492,249 shares in the company, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds have recently modified their holdings of the stock. Slate Path Capital LP boosted its stake in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after buying an additional 2,556,332 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Cleveland-Cliffs by 22.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock worth $12,209,000 after acquiring an additional 242,386 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cleveland-Cliffs during the fourth quarter worth about $4,432,000. Finally, Twelve Points Wealth Management LLC lifted its holdings in Cleveland-Cliffs by 51.7% in the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company’s stock worth $1,854,000 after acquiring an additional 76,827 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other 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.