Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $47.00

Cleveland-Cliffs (NYSE:CLFGet Rating) had its target price hoisted by equities research analysts at B. Riley from $46.00 to $47.00 in a research report issued on Monday, The Fly reports. B. Riley’s price target suggests a potential upside of 62.35% from the company’s current price.

A number of other equities research analysts have also commented on the stock. Wolfe Research lowered shares of Cleveland-Cliffs from an “outperform” rating to a “peer perform” rating and set a $23.00 price objective on the stock. in a report on Tuesday, January 11th. Zacks Investment Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $25.00 price objective on the stock in a report on Tuesday, January 4th. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c+” rating in a report on Tuesday, March 1st. The Goldman Sachs Group lifted their target price on Cleveland-Cliffs from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, March 22nd. Finally, StockNews.com assumed coverage on Cleveland-Cliffs in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $29.91.

CLF opened at $28.95 on Monday. The company’s 50 day simple moving average is $27.21 and its 200-day simple moving average is $23.23. Cleveland-Cliffs has a one year low of $15.81 and a one year high of $34.04. The stock has a market capitalization of $15.21 billion, a P/E ratio of 4.23 and a beta of 2.13. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.15 and a quick ratio of 0.69.

Cleveland-Cliffs (NYSE:CLFGet Rating) last posted its earnings results on Friday, April 22nd. The mining company reported $1.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.82 by ($0.32). The firm had revenue of $5.96 billion during the quarter, compared to analyst estimates of $5.43 billion. Cleveland-Cliffs had a return on equity of 80.10% and a net margin of 14.62%. The company’s revenue for the quarter was up 47.1% on a year-over-year basis. During the same quarter last year, the business posted $0.35 earnings per share. As a group, analysts anticipate that Cleveland-Cliffs will post 5.32 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $98,287,000. Marshall Wace LLP grew its position in shares of Cleveland-Cliffs by 664.5% in the fourth quarter. Marshall Wace LLP now owns 2,766,650 shares of the mining company’s stock valued at $60,228,000 after purchasing an additional 2,404,776 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cleveland-Cliffs by 59.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,171,842 shares of the mining company’s stock valued at $69,040,000 after purchasing an additional 1,178,447 shares during the last quarter. Polaris Wealth Advisory Group LLC bought a new stake in shares of Cleveland-Cliffs in the first quarter valued at approximately $31,508,000. Finally, Gendell Jeffrey L boosted its stake in shares of Cleveland-Cliffs by 12.6% in the third quarter. Gendell Jeffrey L now owns 7,518,454 shares of the mining company’s stock valued at $148,941,000 after buying an additional 839,360 shares during the period. 59.73% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile (Get Rating)

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.

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