Cleveland-Cliffs Inc. (NYSE:CLF) Stock Has Average Target Price of $12.45 According to Analysts

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been given an average rating of “Hold” by the eleven brokerages that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $12.35.

Several research analysts have weighed in on the company. Wells Fargo & Company raised Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $12.00 to $14.00 in a research report on Tuesday, October 6th. UBS Group set a $13.00 price objective on Cleveland-Cliffs in a research note on Monday, September 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. JPMorgan Chase & Co. decreased their target price on Cleveland-Cliffs from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Glj Research lifted their target price on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a “buy” rating in a research note on Monday, September 21st.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $12.97 on Wednesday. Cleveland-Cliffs has a twelve month low of $7.73 and a twelve month high of $16.70. The stock’s 50 day moving average price is $11.98 and its 200-day moving average price is $11.10. The company has a market capitalization of $7.40 billion, a PE ratio of -8.01 and a beta of 2.09. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%. Cleveland-Cliffs’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.50) earnings per share. On average, equities analysts anticipate that Cleveland-Cliffs will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors have recently added to or reduced their stakes in the stock. Center for Financial Planning Inc. raised its holdings in 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 acquiring an additional 1,805 shares during the period. Johnson Financial Group Inc. purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth $30,000. IFP Advisors Inc lifted its position in shares of Cleveland-Cliffs by 39.5% during the second quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock worth $48,000 after acquiring an additional 1,453 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Cleveland-Cliffs in the second quarter worth $72,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Cleveland-Cliffs by 24.3% in the second quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock worth $77,000 after acquiring an additional 1,614 shares during the period. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.