Citigroup Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $11.00

Cleveland-Cliffs (NYSE:CLF) had its price target decreased by Citigroup from $12.00 to $11.00 in a research report sent to investors on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the mining company’s stock.

Several other equities research analysts have also commented on the stock. The Goldman Sachs Group upped their price target on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research report on Friday, October 31st. KeyCorp cut their target price on shares of Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday. Glj Research reiterated a “sell” rating and issued a $5.75 price target on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. Wells Fargo & Company reiterated an “underweight” rating and set a $11.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $12.68.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $10.52 on Tuesday. The business’s fifty day moving average price is $12.30 and its 200-day moving average price is $9.98. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of -3.09 and a beta of 2.07. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $16.70.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CLF. Oregon Public Employees Retirement Fund increased its holdings in shares of Cleveland-Cliffs by 0.9% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 99,649 shares of the mining company’s stock valued at $1,216,000 after acquiring an additional 900 shares during the last quarter. 4WEALTH Advisors Inc. boosted its holdings in Cleveland-Cliffs by 1.5% in the third quarter. 4WEALTH Advisors Inc. now owns 76,834 shares of the mining company’s stock valued at $937,000 after purchasing an additional 1,118 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in Cleveland-Cliffs by 72.6% in the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,164 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in Cleveland-Cliffs by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company’s stock valued at $1,115,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Clearstead Advisors LLC raised its holdings in Cleveland-Cliffs by 1.4% during the third quarter. Clearstead Advisors LLC now owns 89,604 shares of the mining company’s stock worth $1,093,000 after purchasing an additional 1,242 shares in the last quarter. Hedge funds and other institutional investors 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.