Cleveland-Cliffs Inc. (NYSE:CLF) Receives $17.56 Consensus Price Target from Analysts

Cleveland-Cliffs Inc. (NYSE:CLF) has received an average recommendation of “Hold” from the eleven brokerages that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $17.39.

Several research analysts have recently commented on the stock. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday. They issued a “buy” rating and a $16.00 price objective for the company. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Finally, Citigroup lowered their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th.

Cleveland-Cliffs Trading Up 0.5 %

Shares of CLF opened at $12.90 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a 50-day moving average price of $12.71 and a 200 day moving average price of $13.84. Cleveland-Cliffs has a 12-month low of $10.21 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. On average, sell-side analysts expect that Cleveland-Cliffs will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Altus Wealth Group LLC lifted its position in Cleveland-Cliffs by 7.2% in the third quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock valued at $152,000 after purchasing an additional 800 shares during the period. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Cleveland-Cliffs by 7.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after buying an additional 949 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Cleveland-Cliffs by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after acquiring an additional 984 shares during the period. Clear Creek Financial Management LLC raised its position in Cleveland-Cliffs by 6.9% in the second quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company’s stock worth $238,000 after acquiring an additional 1,000 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Cleveland-Cliffs by 16.2% in the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock valued at $129,000 after acquiring an additional 1,173 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.