Cleveland-Cliffs (NYSE:CLF) Given New $15.00 Price Target at The Goldman Sachs Group

Cleveland-Cliffs (NYSE:CLF) had its price target lowered by research analysts at The Goldman Sachs Group from $17.00 to $15.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 55.76% from the stock’s previous close.

Several other analysts have also recently weighed in on the stock. Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Glj Research reduced their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF opened at $9.63 on Tuesday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $10.34 and a 200-day moving average price of $11.63. The company has a market cap of $4.76 billion, a price-to-earnings ratio of -10.02 and a beta of 1.96. Cleveland-Cliffs has a 12 month low of $8.99 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The business had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. As a group, equities analysts anticipate that Cleveland-Cliffs will post -0.79 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In related news, Director Jane M. Cronin bought 10,000 shares of the business’s stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Keith Koci purchased 9,500 shares of the stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CLF. Strengthening Families & Communities LLC increased its position in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Pinpoint Asset Management Ltd purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at approximately $25,000. Darwin Wealth Management LLC bought a new position in Cleveland-Cliffs in the third quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter worth $34,000. Finally, Estabrook Capital Management grew its position in shares of Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after acquiring an additional 2,700 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

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.