Cleveland-Cliffs Inc. (NYSE:CLF) Receives $10.23 Average PT from Brokerages

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have earned an average recommendation of “Hold” from the seven ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $9.78.

CLF has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday, May 12th. B. Riley restated a “buy” rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target on the stock. in a report on Wednesday, May 28th. JPMorgan Chase & Co. restated a “neutral” rating and set a $7.50 price target on shares of Cleveland-Cliffs in a report on Monday. Finally, Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research note on Friday, June 20th.

Cleveland-Cliffs Trading Up 0.8%

Cleveland-Cliffs stock opened at $9.14 on Monday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of -3.75 and a beta of 1.91. Cleveland-Cliffs has a 1 year low of $5.63 and a 1 year high of $16.00. The firm’s 50 day moving average price is $7.61 and its two-hundred day moving average price is $8.79.

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

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the sale, the executive vice president directly owned 492,249 shares of the company’s stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.71% of the stock is owned by corporate insiders.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently added to or reduced their stakes in CLF. Fairfax Financial Holdings Ltd. Can bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $55,453,000. Norges Bank bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $45,381,000. Slate Path Capital LP boosted its holdings in shares of 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 worth $152,355,000 after buying an additional 4,239,000 shares during the period. Woodline Partners LP bought a new stake in shares of Cleveland-Cliffs during the 1st quarter worth $22,696,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after buying an additional 2,556,332 shares during the period. 67.68% of the stock is owned by institutional investors.

About Cleveland-Cliffs

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.