Cleveland-Cliffs (NYSE:CLF) Given New $11.00 Price Target at Morgan Stanley

Cleveland-Cliffs (NYSE:CLF) had its price target lowered by Morgan Stanley from $13.00 to $11.00 in a report published on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the mining company’s stock.

Other equities research analysts also recently issued research reports about the stock. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective for the company in a research report on Tuesday, January 7th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.68.

Cleveland-Cliffs Stock Down 0.8 %

Shares of Cleveland-Cliffs stock opened at $10.44 on Monday. Cleveland-Cliffs has a 12 month low of $8.99 and a 12 month high of $22.97. The business has a fifty day simple moving average of $10.38 and a 200 day simple moving average of $12.01. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market cap of $5.16 billion, a PE ratio of -10.76 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s revenue was down 18.5% compared to the same quarter last year. During the same period last year, the company earned $0.54 earnings per share. Research analysts predict that Cleveland-Cliffs will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $34,000. Truvestments Capital LLC bought a new stake in Cleveland-Cliffs during the third quarter worth about $34,000. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $44,000. 67.68% of the stock is currently owned by institutional investors.

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.