Cleveland-Cliffs Inc. (NYSE:CLF) Receives $12.06 Average Price Target from Analysts

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been given a consensus recommendation of “Hold” by the eleven ratings firms that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $12.06.

Several analysts have recently issued reports on the stock. Glj Research reissued a “buy” rating and set a $15.60 price objective on shares of Cleveland-Cliffs in a research note on Friday. Barclays increased their target price on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, September 9th. Bank of America lowered their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st.

Cleveland-Cliffs Price Performance

CLF opened at $12.53 on Friday. The company’s 50 day simple moving average is $11.53 and its 200 day simple moving average is $10.80. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. Cleveland-Cliffs has a 1 year low of $7.73 and a 1 year high of $16.70. The stock has a market capitalization of $7.15 billion, a PE ratio of -7.73 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. Cleveland-Cliffs’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.50) earnings per share. As a group, sell-side analysts expect that Cleveland-Cliffs will post -0.11 EPS for the current year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently modified their holdings of the company. Sei Investments Co. lifted its position in Cleveland-Cliffs by 95.4% during the first quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock valued at $2,560,000 after buying an additional 147,899 shares in the last quarter. Quantinno Capital Management LP grew its stake in Cleveland-Cliffs by 68.0% during the first quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock worth $1,796,000 after buying an additional 86,036 shares during the period. SFE Investment Counsel acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth $8,562,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth $505,000. Finally, California State Teachers Retirement System raised its stake in shares of Cleveland-Cliffs by 23.0% in the 1st quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after acquiring an additional 123,660 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.