Brokerages Set Cleveland-Cliffs Inc. (NYSE:CLF) PT at $11.24

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have earned an average recommendation of “Hold” from the nine ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $11.24.

Several research analysts have weighed in on the stock. Citigroup increased their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a report on Monday, July 21st. JPMorgan Chase & Co. lifted their price target on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Bank of America boosted their target price on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a “neutral” rating in a research report on Monday, September 15th. KeyCorp upgraded shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target for the company in a research report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a research note on Tuesday, July 22nd.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors have recently modified their holdings of the business. State Street Corp grew its position in Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after acquiring an additional 4,603,807 shares during the last quarter. Maple Rock Capital Partners Inc. acquired a new stake in shares of Cleveland-Cliffs during the second quarter valued at about $63,731,000. BNP Paribas Financial Markets grew its holdings in shares of Cleveland-Cliffs by 200.4% during the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares during the last quarter. Norges Bank acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $44,120,000. Finally, Turiya Advisors Asia Ltd bought a new position in Cleveland-Cliffs in the 2nd quarter valued at approximately $39,357,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 2.0%

Shares of CLF stock opened at $12.44 on Friday. Cleveland-Cliffs has a 12-month low of $5.63 and a 12-month high of $14.34. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The firm has a fifty day moving average of $10.90 and a 200-day moving average of $8.99. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of -3.65 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.11 EPS. As a group, equities research analysts predict that Cleveland-Cliffs will post -0.79 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.