Analysts Set Cleveland-Cliffs Inc. (NYSE:CLF) Price Target at $17.75

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been assigned a consensus rating of “Hold” from the ten analysts that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $17.56.

A number of research firms recently issued reports on CLF. Bank of America decreased their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. B. Riley reiterated a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $11.87 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The firm has a market cap of $5.64 billion, a P/E ratio of 16.04, a P/E/G ratio of 21.57 and a beta of 1.97. The business’s 50 day moving average price is $13.25 and its 200-day moving average price is $16.43.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the previous year, the firm earned $0.69 EPS. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. On average, equities research analysts anticipate that Cleveland-Cliffs will post 0.01 earnings per share for the current year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Cleveland-Cliffs by 0.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock worth $4,249,000 after purchasing an additional 612 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Cleveland-Cliffs by 191.6% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 52,218 shares of the mining company’s stock worth $1,066,000 after buying an additional 34,313 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $3,538,000. Quadrant Capital Group LLC increased its position in Cleveland-Cliffs by 101.8% during the fourth quarter. Quadrant Capital Group LLC now owns 4,608 shares of the mining company’s stock valued at $94,000 after acquiring an additional 2,324 shares during the last quarter. Finally, Kingsview Wealth Management LLC lifted its holdings in Cleveland-Cliffs by 10.8% in the fourth quarter. Kingsview Wealth Management LLC now owns 11,561 shares of the mining company’s stock valued at $236,000 after acquiring an additional 1,124 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.