Cleveland-Cliffs Inc. (NYSE:CLF) Receives $13.59 Consensus PT from Brokerages

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have earned a consensus recommendation of “Hold” from the ten analysts that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, five have given a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $13.5920.

CLF has been the subject of a number of research analyst reports. KeyCorp cut shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, January 7th. Citigroup boosted their target price on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. Glj Research reaffirmed a “sell” rating and issued a $9.42 price target on shares of Cleveland-Cliffs in a research note on Monday, March 16th. Finally, Wells Fargo & Company lowered their price objective on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, March 19th.

Insider Activity

In related news, CEO Lourenco Goncalves sold 3,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total transaction of $37,260,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edilson Camara acquired 19,700 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 13th. The stock was purchased at an average cost of $10.13 per share, with a total value of $199,561.00. Following the completion of the purchase, the director owned 41,983 shares in the company, valued at $425,287.79. The trade was a 88.41% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of large investors have recently modified their holdings of the business. Focus Partners Wealth acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at about $339,000. Allworth Financial LP boosted its position in Cleveland-Cliffs by 3,844.7% during the second quarter. Allworth Financial LP now owns 10,493 shares of the mining company’s stock worth $80,000 after acquiring an additional 10,227 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in Cleveland-Cliffs by 4.1% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 183,936 shares of the mining company’s stock valued at $1,398,000 after acquiring an additional 7,289 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Cleveland-Cliffs by 7.6% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 124,550 shares of the mining company’s stock valued at $947,000 after acquiring an additional 8,839 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Cleveland-Cliffs by 1.6% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 132,670 shares of the mining company’s stock valued at $1,008,000 after acquiring an additional 2,050 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 2.6%

Cleveland-Cliffs stock opened at $8.02 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.95 and a quick ratio of 0.50. The stock has a market capitalization of $4.58 billion, a PE ratio of -2.75 and a beta of 1.99. The business has a 50 day simple moving average of $11.65 and a 200-day simple moving average of $12.19. Cleveland-Cliffs has a 12 month low of $5.63 and a 12 month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same quarter last year, the firm posted ($0.68) EPS. The business’s revenue was down .3% on a year-over-year basis. On average, analysts anticipate that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.