Cleveland-Cliffs Inc. (NYSE:CLF) Receives $12.90 Consensus Target Price from Brokerages

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been given an average recommendation of “Reduce” by the eleven analysts that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $12.9010.

CLF has been the subject of several research reports. The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Morgan Stanley restated an “equal weight” rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Barclays started coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They set an “underweight” rating and a $9.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. Finally, KeyCorp began coverage on shares of Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently bought and sold shares of CLF. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth $25,000. Center for Financial Planning Inc. raised its stake in shares of Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after purchasing an additional 1,805 shares during the period. IFP Advisors Inc raised its stake in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,214 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in Cleveland-Cliffs by 306.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,855 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $9.82 on Monday. The stock has a fifty day simple moving average of $11.52 and a two-hundred day simple moving average of $11.40. Cleveland-Cliffs has a 1-year low of $7.73 and a 1-year high of $16.70. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of -4.20 and a beta of 2.13. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. The business had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the business posted ($0.92) earnings per share. Analysts anticipate that Cleveland-Cliffs will post -0.27 earnings per share for the current 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.