Cleveland-Cliffs (NYSE:CLF) PT Lowered to $13.50 at Morgan Stanley

Cleveland-Cliffs (NYSE:CLF) had its price objective cut by Morgan Stanley from $15.00 to $13.50 in a report published on Wednesday, Benzinga reports. They currently have an equal weight rating on the mining company’s stock.

Several other analysts have also recently commented on the stock. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a hold rating to a strong-buy rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an overweight rating to a neutral rating and decreased their target price for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. Citigroup dropped their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a neutral rating on the stock in a research note on Tuesday, September 10th. B. Riley reissued a buy rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, Bank of America dropped their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a neutral rating on the stock in a research report on Wednesday, June 26th. Two 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 given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $17.56.

Cleveland-Cliffs Trading Down 2.3 %

NYSE CLF opened at $11.75 on Wednesday. The firm’s 50 day moving average price is $13.42 and its two-hundred day moving average price is $16.60. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 21.57 and a beta of 1.97. Cleveland-Cliffs has a twelve month low of $10.21 and a twelve month high of $22.97. 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 (NYSE:CLF) last posted its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the previous year, the firm earned $0.69 earnings per share. Cleveland-Cliffs’s quarterly revenue was down 14.9% on a year-over-year basis. Equities analysts anticipate that Cleveland-Cliffs will post 0.01 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of large investors have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth $26,000. Hobbs Group Advisors LLC acquired a new position in Cleveland-Cliffs during the 2nd quarter worth $31,000. Gradient Investments LLC boosted its holdings in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares during the period. Rise Advisors LLC grew its position in shares of Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its position in shares of Cleveland-Cliffs by 41.7% during the 1st 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 last quarter. 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.