Brokerages Set Cleveland-Cliffs Inc. (NYSE:CLF) PT at $16.68

Cleveland-Cliffs Inc. (NYSE:CLF) has been given an average rating of “Hold” by the eleven brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $16.68.

Several equities research analysts recently issued reports on the company. Morgan Stanley cut their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a report on Tuesday, January 7th. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th.

Cleveland-Cliffs Price Performance

CLF stock opened at $12.03 on Friday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $5.94 billion, a PE ratio of -12.40 and a beta of 1.96. Cleveland-Cliffs has a 12-month low of $8.99 and a 12-month high of $22.97. The business’s fifty day moving average price is $10.17 and its 200 day moving average price is $11.74.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after acquiring an additional 2,556,332 shares during the period. Pacer Advisors Inc. lifted its position in Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after acquiring an additional 3,110,651 shares during the period. Dimensional Fund Advisors LP lifted its position in Cleveland-Cliffs by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock worth $199,724,000 after acquiring an additional 647,282 shares during the period. Slate Path Capital LP lifted its position in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock worth $79,611,000 after buying an additional 264,078 shares in the last quarter. 67.68% of the stock is 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.