Cleveland-Cliffs (NYSE:CLF) Cut to “Underweight” at Wells Fargo & Company

Wells Fargo & Company cut shares of Cleveland-Cliffs (NYSE:CLF) from an equal weight rating to an underweight rating in a research note published on Tuesday morning, Marketbeat.com reports. Wells Fargo & Company currently has $11.00 target price on the mining company’s stock.

A number of other research analysts have also weighed in on CLF. Weiss Ratings restated a “sell (d)” rating on shares of Cleveland-Cliffs in a research report on Wednesday, October 8th. The Goldman Sachs Group lifted their price objective on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a “buy” rating in a research note on Thursday, October 9th. JPMorgan Chase & Co. boosted their target price on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. Morgan Stanley increased their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Finally, Citigroup lifted their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $12.36.

Cleveland-Cliffs Price Performance

NYSE:CLF opened at $13.07 on Tuesday. The business’s 50-day moving average is $11.94 and its 200 day moving average is $9.52. Cleveland-Cliffs has a 12 month low of $5.63 and a 12 month high of $16.70. The company has a market capitalization of $6.46 billion, a P/E ratio of -3.84 and a beta of 1.96. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The business had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter last year, the business posted ($0.33) EPS. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Louisiana State Employees Retirement System lifted its stake in shares of Cleveland-Cliffs by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company’s stock worth $1,115,000 after acquiring an additional 1,200 shares during the last quarter. Clear Creek Financial Management LLC grew its position in Cleveland-Cliffs by 5.1% in the 2nd quarter. Clear Creek Financial Management LLC now owns 26,480 shares of the mining company’s stock valued at $201,000 after acquiring an additional 1,280 shares during the last quarter. Pinnacle Holdings LLC increased its stake in Cleveland-Cliffs by 1.3% in the first quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company’s stock worth $870,000 after purchasing an additional 1,371 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Cleveland-Cliffs by 0.5% during the second quarter. PNC Financial Services Group Inc. now owns 297,128 shares of the mining company’s stock worth $2,258,000 after purchasing an additional 1,399 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Cleveland-Cliffs by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company’s stock worth $465,000 after purchasing an additional 1,475 shares during the last quarter. 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.