Cleveland-Cliffs Inc. (NYSE:CLF) Receives $12.78 Consensus Target Price from Brokerages

Cleveland-Cliffs Inc. (NYSE:CLF) has earned an average rating of “Hold” from the ten ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, five have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $12.7750.

Several research analysts have recently issued reports on CLF shares. Citigroup decreased their target price on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Wells Fargo & Company raised Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $11.00 to $12.00 in a research note on Friday, November 14th. Morgan Stanley increased their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. UBS Group set a $15.00 target price on shares of Cleveland-Cliffs in a report on Monday, October 27th. Finally, KeyCorp reduced their target price on shares of Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently made changes to their positions in CLF. Dark Forest Capital Management LP bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth approximately $1,796,000. Voleon Capital Management LP bought a new position in Cleveland-Cliffs during the 3rd quarter valued at approximately $1,957,000. Voloridge Investment Management LLC raised its stake in Cleveland-Cliffs by 960.4% during the third quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock valued at $57,136,000 after buying an additional 4,241,582 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Cleveland-Cliffs by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock worth $1,855,000 after acquiring an additional 943 shares in the last quarter. Finally, Moors & Cabot Inc. boosted its holdings in Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock worth $404,000 after acquiring an additional 960 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 2.1%

Shares of CLF opened at $11.20 on Friday. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $16.70. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. The firm’s 50-day moving average price is $12.29 and its 200-day moving average price is $10.06. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of -3.29 and a beta of 2.07.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. The company had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. Cleveland-Cliffs’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.33) earnings per share. Sell-side analysts anticipate that Cleveland-Cliffs will post -0.79 EPS 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.