Cleveland-Cliffs (NYSE:CLF) Price Target Lowered to $12.90 at Glj Research

Cleveland-Cliffs (NYSE:CLF) had its target price dropped by analysts at Glj Research from $14.54 to $12.90 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the mining company’s stock. Glj Research’s price objective suggests a potential upside of 15.85% from the company’s previous close.

A number of other equities analysts also recently issued reports on CLF. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target on the stock. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Citigroup reduced their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Finally, B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $16.54.

Cleveland-Cliffs Trading Up 5.3 %

Cleveland-Cliffs stock traded up $0.57 during mid-day trading on Thursday, reaching $11.14. 10,498,081 shares of the company traded hands, compared to its average volume of 16,560,809. Cleveland-Cliffs has a 52-week low of $8.99 and a 52-week high of $22.97. The firm’s 50 day moving average price is $10.28 and its 200 day moving average price is $11.67. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of -11.43 and a beta of 1.96. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

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

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently made changes to their positions in the company. Strengthening Families & Communities LLC boosted its position 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 worth $25,000 after purchasing an additional 1,490 shares in the last quarter. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $25,000. Darwin Wealth Management LLC purchased a new stake in Cleveland-Cliffs during the third quarter worth $34,000. Truvestments Capital LLC purchased a new position in Cleveland-Cliffs in the third quarter valued at $34,000. Finally, Blue Trust Inc. raised its position in shares of Cleveland-Cliffs by 231.9% in the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after acquiring an additional 2,539 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

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.