Cleveland-Cliffs Inc. (NYSE:CLF) Receives $11.86 Consensus Target Price from Analysts

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been assigned an average rating of “Hold” from the eleven brokerages that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $11.96.

A number of research firms have recently weighed in on CLF. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price target for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Finally, Wells Fargo & Company raised their target price on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday.

More Cleveland-Cliffs News

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: $1 billion Middletown Works investment: Cleveland-Cliffs announced plans to modernize its Middletown, Ohio, steel facility. The project is expected to improve operating efficiency and help protect approximately 2,300 jobs. Cliffs announces blast furnace investment
• Positive Sentiment: Federal support reduces project funding risk: The upgrade is backed by $500 million from the U.S. Department of Energy. The investment is aimed at modernizing the blast furnace, improving efficiency, and addressing emissions concerns, potentially strengthening CLF’s long-term competitiveness. CLF Receives $500 Million DOE Support for Middletown Works Upgrade
• Positive Sentiment: Trade tensions support domestic steelmakers: The breakdown in U.S.-Canada trade talks and renewed focus on steel tariffs encouraged investors to favor U.S. producers, including Cleveland-Cliffs. Higher trade barriers could reduce import competition, although the longer-term impact depends on possible retaliation and changes in policy. Nucor, Steel Dynamics, Cleveland-Cliffs stocks rise as US-Canada trade talks fail
• Neutral Sentiment: Wells Fargo raised its price target to $12 from $11 while maintaining an “equal weight” rating. The increase signals modestly improved valuation potential but does not represent a bullish recommendation. Wells Fargo raises Cleveland-Cliffs price target

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.31 on Tuesday. The stock has a market cap of $6.45 billion, a PE ratio of -6.98 and a beta of 2.09. The company’s fifty day moving average is $10.97 and its 200 day moving average is $10.73. Cleveland-Cliffs has a 52 week low of $7.73 and a 52 week 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 posted its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the previous year, the firm posted ($0.50) earnings per share. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs will post -0.11 earnings per share for the current year.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. boosted its stake in shares of Cleveland-Cliffs by 95.4% during the 1st quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock valued at $2,560,000 after purchasing an additional 147,899 shares in the last quarter. Quantinno Capital Management LP raised its stake in Cleveland-Cliffs by 68.0% in 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 in the last quarter. SFE Investment Counsel bought a new position in Cleveland-Cliffs in the second quarter worth about $8,562,000. Vanguard Group Inc. raised its stake in Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after buying an additional 6,447,462 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings in Cleveland-Cliffs by 23.0% in the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock worth $5,595,000 after buying an additional 123,660 shares during the period. Institutional investors own 67.68% of the company’s stock.

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.