JPMorgan Chase & Co. Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $10.00

Cleveland-Cliffs (NYSE:CLF) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $13.00 to $10.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the mining company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 2.30% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and increased their price target for the stock from $9.03 to $15.01 in a report on Tuesday, June 9th. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, July 7th. Argus raised shares of Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Wells Fargo & Company dropped their target price on Cleveland-Cliffs from $14.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 9th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Nine investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $11.50.

Cleveland-Cliffs Trading Up 0.7%

Shares of NYSE:CLF opened at $9.78 on Wednesday. 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 has a 12-month low of $7.73 and a 12-month high of $16.70. The business has a 50 day moving average of $11.44 and a two-hundred day moving average of $11.22. The company has a market capitalization of $5.58 billion, a PE ratio of -4.18 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. The business had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business’s revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.92) EPS. As a group, analysts forecast that Cleveland-Cliffs will post -0.27 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLF. Castle Hook Partners LP boosted its holdings in shares of Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after purchasing an additional 15,393,507 shares during the last quarter. Turiya Advisors Asia Ltd purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $96,280,000. Vanguard Group Inc. increased its holdings in shares of Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after purchasing an additional 6,447,462 shares during the last quarter. Maple Rock Capital Partners Inc. lifted its position in Cleveland-Cliffs by 90.1% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after buying an additional 5,855,830 shares in the last quarter. Finally, State Street Corp lifted its position in Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after buying an additional 4,603,807 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

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.