Cleveland-Cliffs (NYSE:CLF) Stock Rating Lowered by Wells Fargo & Company

Cleveland-Cliffs (NYSE:CLF) was downgraded by Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a report issued on Tuesday, MarketBeat Ratings reports. They presently have a $11.00 price target on the mining company’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 15.35% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Bank of America raised their price target on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a report on Tuesday. Weiss Ratings restated a “sell (d)” rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 13th. Glj Research reiterated a “sell” rating and issued a $5.75 target price on shares of Cleveland-Cliffs in a research note on Tuesday. Finally, The Goldman Sachs Group lifted their target price on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $12.36.

Cleveland-Cliffs Stock Down 2.9%

NYSE:CLF opened at $13.00 on Tuesday. Cleveland-Cliffs has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The stock has a market capitalization of $6.43 billion, a P/E ratio of -3.82 and a beta of 1.96. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. The company’s 50-day simple moving average is $11.89 and its 200-day simple moving average is $9.48.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period last year, the business earned ($0.33) EPS. The company’s revenue was up 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLF. Maple Rock Capital Partners Inc. purchased a new stake in Cleveland-Cliffs in the 2nd quarter worth $63,731,000. Norges Bank purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth approximately $44,120,000. Turiya Advisors Asia Ltd purchased a new position in Cleveland-Cliffs in the second quarter valued at approximately $39,357,000. State Street Corp boosted its holdings in shares of Cleveland-Cliffs by 20.2% in the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after acquiring an additional 4,603,807 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Cleveland-Cliffs by 200.4% during the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.