Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $11.50 by Analysts at Bank of America

Cleveland-Cliffs (NYSE:CLF) had its target price dropped by research analysts at Bank of America from $14.00 to $11.50 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the mining company’s stock. Bank of America‘s target price would suggest a potential upside of 21.00% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley restated an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Wells Fargo & Company decreased their price target on shares of Cleveland-Cliffs from $14.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, June 10th. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Finally, Barclays assumed coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price for the company. Nine investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $11.80.

Cleveland-Cliffs Stock Performance

CLF opened at $9.50 on Thursday. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of -4.06 and a beta of 2.13. The business’s 50-day moving average price is $11.51 and its two-hundred day moving average price is $11.33. Cleveland-Cliffs has a 1 year low of $7.73 and a 1 year high of $16.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.04. The company had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.Cleveland-Cliffs’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.92) earnings per share. Equities analysts expect that Cleveland-Cliffs will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. grew its stake in shares of Cleveland-Cliffs by 208.2% in the second quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock valued at $56,545,000 after buying an additional 4,067,994 shares in the last quarter. GAMMA Investing LLC raised its position in Cleveland-Cliffs by 60.0% during the second quarter. GAMMA Investing LLC now owns 12,149 shares of the mining company’s stock worth $114,000 after acquiring an additional 4,557 shares in the last quarter. Moody National Bank Trust Division bought a new stake in Cleveland-Cliffs during the second quarter worth $545,000. Versant Capital Management Inc lifted its stake in Cleveland-Cliffs by 24.3% in the second quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock valued at $77,000 after acquiring an additional 1,614 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Cleveland-Cliffs by 25.2% in the first quarter. NewEdge Advisors LLC now owns 123,427 shares of the mining company’s stock valued at $1,043,000 after acquiring an additional 24,868 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.