Cleveland-Cliffs Inc. (NYSE:CLF) Receives $17.22 Consensus PT from Analysts

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been assigned a consensus rating of “Hold” from the eleven research firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $17.22.

Several equities analysts have weighed in on the company. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. Finally, Morgan Stanley lowered their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th.

Cleveland-Cliffs Stock Up 1.1 %

Shares of NYSE:CLF opened at $9.40 on Thursday. The business has a 50-day moving average price of $11.59 and a 200 day moving average price of $12.93. Cleveland-Cliffs has a 12-month low of $8.99 and a 12-month high of $22.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -9.69 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue was down 18.5% on a year-over-year basis. During the same period last year, the firm posted $0.54 earnings per share. Sell-side analysts expect that Cleveland-Cliffs will post -0.45 EPS for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in shares of Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after buying an additional 1,069,907 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the second quarter worth about $155,000. Cambridge Investment Research Advisors Inc. increased its position in shares of Cleveland-Cliffs by 6.9% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 348,105 shares of the mining company’s stock worth $5,357,000 after purchasing an additional 22,468 shares in the last quarter. Arkadios Wealth Advisors lifted its holdings in shares of Cleveland-Cliffs by 157.7% in the 2nd quarter. Arkadios Wealth Advisors now owns 52,151 shares of the mining company’s stock valued at $803,000 after purchasing an additional 31,911 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cleveland-Cliffs by 10.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 177,043 shares of the mining company’s stock valued at $2,725,000 after purchasing an additional 17,004 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.