Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $10.00

Cleveland-Cliffs (NYSE:CLF) had its target price hoisted by JPMorgan Chase & Co. from $7.50 to $10.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the mining company’s stock.

CLF has been the topic of a number of other research reports. B. Riley restated a “buy” rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research 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 target on the stock. in a report on Wednesday, May 28th. Morgan Stanley boosted their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. Finally, KeyCorp upgraded Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target on the stock in a report on Tuesday, July 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $11.09.

Cleveland-Cliffs Stock Up 4.8%

CLF stock opened at $11.44 on Thursday. The stock has a market capitalization of $5.66 billion, a P/E ratio of -3.35 and a beta of 1.91. The company has a current ratio of 2.04, a quick ratio of 0.64 and a debt-to-equity ratio of 1.28. The firm has a 50-day moving average price of $8.06 and a 200-day moving average price of $8.83. Cleveland-Cliffs has a 12 month low of $5.63 and a 12 month high of $15.71.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the business posted $0.11 earnings per share. The company’s quarterly revenue was up 7.5% on a year-over-year basis. As a group, equities research analysts anticipate that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Activity

In other news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the transaction, the executive vice president directly owned 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds have recently made changes to their positions in CLF. Pinpoint Asset Management Ltd bought a new position in Cleveland-Cliffs during the fourth quarter worth $25,000. Trust Co. of Toledo NA OH bought a new position in Cleveland-Cliffs during the second quarter worth $27,000. Atwood & Palmer Inc. bought a new position in Cleveland-Cliffs during the second quarter worth $27,000. Estabrook Capital Management raised its stake in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after buying an additional 2,700 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in Cleveland-Cliffs during the first quarter worth $36,000. 67.68% of the stock is currently owned by institutional investors.

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.