Cleveland-Cliffs Inc. (NYSE:CLF) Receives $17.56 Consensus PT from Brokerages

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

Several research analysts have commented on the company. Citigroup dropped their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Morgan Stanley lowered their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $11.99 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business’s 50 day moving average is $12.61 and its two-hundred day moving average is $14.38. The company has a market cap of $5.92 billion, a P/E ratio of -12.36 and a beta of 1.97. Cleveland-Cliffs has a 12 month low of $10.21 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s quarterly revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 earnings per share. On average, equities analysts expect that Cleveland-Cliffs will post -0.37 EPS for the current year.

Institutional Trading of Cleveland-Cliffs

Several institutional investors have recently bought and sold shares of CLF. Dimensional Fund Advisors LP boosted its stake in Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after buying an additional 5,621,797 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after buying an additional 3,110,651 shares in the last quarter. AQR Capital Management LLC boosted its stake in Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after buying an additional 2,027,757 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Cleveland-Cliffs by 1,893.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock valued at $156,800,000 after buying an additional 1,166,258 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Cleveland-Cliffs by 23.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after buying an additional 1,069,907 shares in the last quarter. Institutional investors and hedge funds 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.