Glj Research Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $12.90

Cleveland-Cliffs (NYSE:CLF) had its price objective decreased by analysts at Glj Research from $14.54 to $12.90 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the mining company’s stock. Glj Research’s price target points to a potential upside of 19.17% from the company’s current price.

Several other research firms have also recently weighed in on CLF. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Citigroup cut their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Finally, B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $16.54.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $10.83 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs has a 52 week low of $8.99 and a 52 week high of $22.97. The company’s 50 day moving average price is $10.31 and its two-hundred day moving average price is $11.66. The company has a market capitalization of $5.35 billion, a P/E ratio of -11.16 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. On average, analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the transaction, the executive vice president now directly owns 543,475 shares in the company, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strengthening Families & Communities LLC lifted its stake in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the last quarter. Pinpoint Asset Management Ltd bought a new position in Cleveland-Cliffs in the 4th quarter valued at about $25,000. Darwin Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the third quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs during the third quarter worth approximately $34,000. Finally, Estabrook Capital Management grew its position in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after purchasing an additional 2,700 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Company Profile

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.