Brokerages Set Cleveland-Cliffs Inc. (NYSE:CLF) Price Target at $12.78

Cleveland-Cliffs Inc. (NYSE:CLF) has received a consensus recommendation of “Hold” from the ten ratings firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $12.7750.

A number of research analysts have recently weighed in on CLF shares. The Goldman Sachs Group raised their price objective on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Thursday, October 30th. Glj Research reissued a “sell” rating and issued a $5.75 price target on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. JPMorgan Chase & Co. increased their price objective on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Finally, UBS Group set a $15.00 price objective on Cleveland-Cliffs in a research report on Monday, October 27th.

Cleveland-Cliffs Trading Down 2.6%

Shares of CLF stock opened at $10.97 on Friday. The stock has a market cap of $5.43 billion, a P/E ratio of -3.23 and a beta of 2.07. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. Cleveland-Cliffs has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The business has a fifty day simple moving average of $12.27 and a 200-day simple moving average of $10.07.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. The firm had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The firm’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.33) EPS. On average, analysts forecast that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Cleveland-Cliffs by 231.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock valued at $12,838,000 after purchasing an additional 1,090,237 shares during the period. Hunter Associates Investment Management LLC boosted its stake in Cleveland-Cliffs by 43.5% in the 2nd quarter. Hunter Associates Investment Management LLC now owns 70,898 shares of the mining company’s stock worth $538,000 after buying an additional 21,498 shares during the last quarter. Nuveen LLC purchased a new stake in Cleveland-Cliffs in the 1st quarter valued at about $9,416,000. Algert Global LLC acquired a new position in shares of Cleveland-Cliffs during the 1st quarter valued at about $442,000. Finally, Northern Trust Corp increased its stake in shares of Cleveland-Cliffs by 1.4% during the 1st quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock valued at $32,999,000 after acquiring an additional 54,244 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.