Cleveland-Cliffs (NYSE:CLF) Given Neutral Rating at JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their neutral rating on shares of Cleveland-Cliffs (NYSE:CLF) in a report published on Monday morning,Benzinga reports. The firm currently has a $7.50 price objective on the mining company’s stock.

A number of other research analysts have also recently commented on the company. Morgan Stanley upped their price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Friday, June 20th. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday, May 12th. Glj Research cut Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective on the stock. in a report on Wednesday, May 28th. Finally, B. Riley reiterated a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $9.78.

Cleveland-Cliffs Price Performance

CLF stock opened at $9.51 on Monday. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64. The business has a 50 day simple moving average of $7.57 and a 200-day simple moving average of $8.78. The firm has a market capitalization of $4.70 billion, a PE ratio of -3.90 and a beta of 1.91. Cleveland-Cliffs has a 1 year low of $5.63 and a 1 year high of $16.47.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). The company had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. Cleveland-Cliffs’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the company earned $0.18 earnings per share. Equities research analysts anticipate that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president directly owned 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter worth $25,000. Atwood & Palmer Inc. acquired a new stake in shares of Cleveland-Cliffs in the second quarter valued at $27,000. Estabrook Capital Management raised its stake in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after acquiring an additional 2,700 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at $36,000. Finally, AllSquare Wealth Management LLC raised its stake in shares of Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after acquiring an additional 1,000 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.