Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $13.50

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

CLF has been the topic of several other research reports. Bank of America cut their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a neutral rating on the stock in a research note on Wednesday, June 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a hold rating to a strong-buy rating in a research note on Tuesday, August 27th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a neutral rating for the company in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an overweight rating to a neutral rating and decreased their price objective for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Finally, B. Riley restated a buy rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $17.56.

Cleveland-Cliffs Trading Down 2.2 %

NYSE CLF opened at $11.77 on Wednesday. Cleveland-Cliffs has a one year low of $10.21 and a one year 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. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 15.91, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The company’s 50-day simple moving average is $13.33 and its two-hundred day simple moving average is $16.52.

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

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC grew its position in Cleveland-Cliffs by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after purchasing an additional 476 shares during the period. Hexagon Capital Partners LLC lifted its holdings in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after acquiring an additional 500 shares during the period. InterOcean Capital Group LLC boosted its position in Cleveland-Cliffs by 4.1% in the 1st quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock worth $462,000 after purchasing an additional 805 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in shares of Cleveland-Cliffs by 3.6% during the 1st quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock valued at $559,000 after purchasing an additional 845 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Cleveland-Cliffs by 7.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after purchasing an additional 949 shares during the period. 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.