Citigroup Issues Positive Forecast for Cleveland-Cliffs (NYSE:CLF) Stock Price

Cleveland-Cliffs (NYSE:CLF) had its price target boosted by Citigroup from $12.00 to $14.00 in a research report report published on Friday morning,Benzinga reports. They currently have a neutral rating on the mining company’s stock.

CLF has been the subject of several other research reports. UBS Group set a $13.00 target price on Cleveland-Cliffs in a research report on Monday, September 7th. The Goldman Sachs Group reissued a “neutral” rating and set a $13.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, October 20th. Wall Street Zen upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, October 22nd. Finally, Morgan Stanley lifted their price objective on shares of Cleveland-Cliffs from $12.50 to $14.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 20th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.18.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $14.22 on Friday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.64 and a current ratio of 1.87. Cleveland-Cliffs has a one year low of $7.73 and a one year high of $15.35. The company’s 50-day simple moving average is $12.39 and its 200-day simple moving average is $11.40. The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of -16.73, a PEG ratio of 5.21 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, October 19th. The mining company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.69 billion. During the same period last year, the firm earned ($0.51) earnings per share. The company’s revenue for the quarter was up 18.5% compared to the same quarter last year. Equities analysts anticipate that Cleveland-Cliffs will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Edilson Camara bought 7,400 shares of the business’s stock in a transaction on Thursday, October 22nd. The shares were purchased at an average price of $13.49 per share, with a total value of $99,826.00. Following the completion of the acquisition, the director directly owned 64,717 shares of the company’s stock, valued at approximately $873,032.33. The trade was a 12.91% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the stock. SFE Investment Counsel grew its position in Cleveland-Cliffs by 0.7% in the 3rd quarter. SFE Investment Counsel now owns 918,150 shares of the mining company’s stock worth $10,109,000 after purchasing an additional 6,354 shares during the last quarter. Partners Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at approximately $332,000. Harbour Trust & Investment Management Co increased its stake in shares of Cleveland-Cliffs by 7.4% in the third quarter. Harbour Trust & Investment Management Co now owns 13,355 shares of the mining company’s stock valued at $147,000 after purchasing an additional 920 shares during the period. Oppenheimer & Co. Inc. raised its holdings in shares of Cleveland-Cliffs by 30.5% during the third quarter. Oppenheimer & Co. Inc. now owns 17,104 shares of the mining company’s stock valued at $188,000 after buying an additional 3,998 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Cleveland-Cliffs by 13.0% during the third quarter. Signaturefd LLC now owns 9,234 shares of the mining company’s stock valued at $102,000 after buying an additional 1,059 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.