Cleveland-Cliffs Inc. (NYSE:CLF) Receives $16.43 Consensus Target Price from Analysts

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have received a consensus rating of “Moderate Buy” from the nine research firms that are covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $16.24.

Several research firms have weighed in on CLF. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. 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. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Finally, Glj Research cut their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director John T. Baldwin purchased 4,000 shares of the stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $8.70 per share, with a total value of $34,800.00. Following the transaction, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Keith Koci bought 9,500 shares of the stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares in the company, valued at $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. Insiders have bought 23,500 shares of company stock valued at $243,095 in the last three months. 1.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in Cleveland-Cliffs by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the period. Franklin Resources Inc. raised its stake in Cleveland-Cliffs by 105.6% in the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after acquiring an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC purchased a new stake in Cleveland-Cliffs in the 4th quarter worth approximately $18,999,000. Vanguard Group Inc. increased its position in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after buying an additional 2,556,332 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth approximately $4,432,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 15.7 %

NYSE:CLF opened at $7.94 on Friday. Cleveland-Cliffs has a 1 year low of $6.17 and a 1 year high of $22.39. The business has a fifty day moving average of $9.76 and a 200-day moving average of $10.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of -8.18 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data 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 company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Equities analysts predict that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

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.