Cleveland-Cliffs (NYSE:CLF) Lowered to “Neutral” at JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLFGet Free Report) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Tuesday, Briefing.com reports. They currently have a $17.00 price objective on the mining company’s stock, down from their prior price objective of $23.00. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 8.59% from the stock’s current price.

Other analysts have also recently issued reports about the company. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research report on Wednesday, March 13th. BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a report on Wednesday, February 28th. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. Wolfe Research reissued an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $19.79.

View Our Latest Research Report on CLF

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $15.66 on Tuesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90. The stock has a 50 day moving average price of $18.72 and a 200 day moving average price of $19.24. The stock has a market capitalization of $7.44 billion, a PE ratio of 21.16, a price-to-earnings-growth ratio of 0.36 and a beta of 2.08. Cleveland-Cliffs has a 52 week low of $13.84 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last released its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.11) EPS. Analysts predict that Cleveland-Cliffs will post 0.95 earnings per share for the current fiscal year.

Cleveland-Cliffs declared that its Board of Directors has approved a stock buyback program on Monday, April 22nd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the mining company to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the sale, the director now owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the transaction, the director now directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lourenco Goncalves acquired 60,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were purchased at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the transaction, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The disclosure for this purchase can be found here. 1.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $117,585,000. Sound Shore Management Inc. CT raised its position in Cleveland-Cliffs by 9.0% in the fourth quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock valued at $82,446,000 after purchasing an additional 334,739 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Cleveland-Cliffs by 5.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock valued at $72,328,000 after purchasing an additional 194,948 shares in the last quarter. Castle Hook Partners LP grew its holdings in Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after acquiring an additional 410,182 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Cleveland-Cliffs by 10.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock worth $65,589,000 after purchasing an additional 275,265 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

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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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