JPMorgan Chase & Co. Raises Cleveland-Cliffs (NYSE:CLF) Price Target to $13.00

Cleveland-Cliffs (NYSE:CLF) had its price objective lifted by analysts at JPMorgan Chase & Co. from $11.00 to $13.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the mining company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 6.95% from the stock’s previous close.

Several other equities analysts also recently issued reports on the company. Wells Fargo & Company lifted their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Monday, August 24th. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their target price for the company from $15.01 to $15.60 in a research report on Friday, July 24th. UBS Group set a $13.00 price objective on shares of Cleveland-Cliffs in a research note on Monday. Barclays boosted their target price on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, July 24th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $12.06.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock traded down $0.14 on Wednesday, hitting $12.15. The company’s stock had a trading volume of 5,748,929 shares, compared to its average volume of 18,833,434. The firm has a market cap of $6.93 billion, a P/E ratio of -7.50 and a beta of 2.10. The company has a fifty day moving average price of $11.13 and a 200-day moving average price of $10.72. Cleveland-Cliffs has a one year low of $7.73 and a one year high of $16.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.50) earnings per share. On average, equities analysts anticipate that Cleveland-Cliffs will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs in the 4th quarter valued at about $25,000. IFP Advisors Inc lifted its holdings in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,214 shares in the last quarter. Finally, Larson Financial Group LLC lifted its stake in Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after purchasing an additional 2,392 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.