Citigroup Trims Cleveland-Cliffs (NYSE:CLF) Target Price to $12.50

Cleveland-Cliffs (NYSE:CLF) had its target price cut by Citigroup from $18.00 to $12.50 in a research note published on Tuesday, Benzinga reports. They currently have a neutral rating on the mining company’s stock.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They issued a buy rating and a $22.00 price objective on the stock. B. Riley reaffirmed a buy rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Bank of America dropped their price objective 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 raised Cleveland-Cliffs from a hold rating to a strong-buy rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an overweight rating to a neutral rating and dropped their price target for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $17.75.

Cleveland-Cliffs Price Performance

CLF stock opened at $11.35 on Tuesday. The firm has a 50 day moving average of $13.79 and a 200-day moving average of $16.91. The company has a market cap of $5.40 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 6.73 and a beta of 1.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs has a 12-month low of $10.21 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. Cleveland-Cliffs’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period last year, the business posted $0.69 EPS. As a group, equities analysts expect that Cleveland-Cliffs will post 0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors have recently added to or reduced their stakes in the business. Altshuler Shaham Ltd purchased a new stake in Cleveland-Cliffs in the 2nd quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth approximately $31,000. Gradient Investments LLC grew its holdings in Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares during the period. Rise Advisors LLC increased its position in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the last quarter. Finally, Hexagon Capital Partners LLC raised its stake in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.