Analysts Set Cleveland-Cliffs Inc. (NYSE:CLF) PT at $16.93

Cleveland-Cliffs Inc. (NYSE:CLF) has been given an average recommendation of “Hold” by the twelve ratings firms that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $16.93.

CLF has been the subject of a number of research reports. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price on the stock in a research note on Tuesday, January 7th. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price on the stock. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of CLF. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares in the last quarter. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs in the 2nd quarter worth about $26,000. Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs during the 3rd quarter valued at about $34,000. Truvestments Capital LLC purchased a new position in Cleveland-Cliffs during the 3rd quarter valued at about $34,000. Finally, Blue Trust Inc. grew its stake in Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after acquiring an additional 2,539 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 0.6 %

CLF stock opened at $10.01 on Monday. Cleveland-Cliffs has a twelve month low of $8.99 and a twelve month high of $22.97. 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 $4.94 billion, a P/E ratio of -10.31 and a beta of 1.97. The firm has a 50 day simple moving average of $10.65 and a 200-day simple moving average of $12.34.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same period in the previous year, the business posted $0.54 EPS. The firm’s quarterly revenue was down 18.5% compared to the same quarter last year. On average, equities research analysts predict that Cleveland-Cliffs will post -0.71 earnings per share for the current fiscal year.

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.