Cleveland-Cliffs (NYSE:CLF – Get Rating) had its target price boosted by equities research analysts at Citigroup to $20.00 in a research note issued to investors on Tuesday, Stock Target Advisor reports. Citigroup’s price objective points to a potential upside of 19.19% from the company’s current price.
A number of other research firms have also recently weighed in on CLF. JPMorgan Chase & Co. lowered their price target on Cleveland-Cliffs from $43.00 to $37.00 in a report on Tuesday, June 14th. B. Riley decreased their target price on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating for the company in a research report on Wednesday, July 6th. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $26.00 to $24.00 in a research note on Tuesday, July 12th. Clarkson Capital restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, June 14th. Finally, Credit Suisse Group decreased their target price on shares of Cleveland-Cliffs from $37.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, July 21st. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and an average price target of $26.79.
Cleveland-Cliffs Stock Down 6.9 %
CLF traded down $1.25 during trading on Tuesday, reaching $16.78. The stock had a trading volume of 15,783,395 shares, compared to its average volume of 19,375,871. Cleveland-Cliffs has a one year low of $14.31 and a one year high of $34.04. The company has a market capitalization of $8.68 billion, a price-to-earnings ratio of 2.52 and a beta of 2.23. The stock’s 50 day moving average is $17.29 and its two-hundred day moving average is $22.10. The company has a current ratio of 2.20, a quick ratio of 0.75 and a debt-to-equity ratio of 0.67.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last issued its earnings results on Friday, July 22nd. The mining company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.40 by ($0.27). Cleveland-Cliffs had a net margin of 15.07% and a return on equity of 64.45%. The business had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $6.13 billion. During the same period last year, the business posted $1.46 EPS. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, analysts expect that Cleveland-Cliffs will post 4.91 earnings per share for the current year.
Insider Buying and Selling at Cleveland-Cliffs
In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were bought at an average cost of $19.36 per share, with a total value of $96,800.00. Following the purchase, the chief financial officer now directly owns 148,285 shares of the company’s stock, valued at $2,870,797.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.43% of the company’s stock.
Institutional Trading of Cleveland-Cliffs
A number of institutional investors have recently modified their holdings of CLF. 180 Wealth Advisors LLC purchased a new position in Cleveland-Cliffs during the 1st quarter valued at about $544,000. Qube Research & Technologies Ltd purchased a new position in shares of Cleveland-Cliffs during the first quarter worth about $10,802,000. Swiss National Bank increased its stake in Cleveland-Cliffs by 7.5% in the first quarter. Swiss National Bank now owns 1,123,340 shares of the mining company’s stock valued at $36,183,000 after acquiring an additional 78,800 shares during the last quarter. Benedetti & Gucer Inc. bought a new position in Cleveland-Cliffs during the first quarter valued at approximately $215,000. Finally, Montag A & Associates Inc. bought a new stake in Cleveland-Cliffs in the first quarter worth $32,000. 61.21% of the stock is currently owned by hedge funds and other institutional investors.
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.