Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $14.50

Cleveland-Cliffs (NYSE:CLF) had its price objective hoisted by Bank of America from $12.50 to $14.50 in a report issued on Tuesday morning,Benzinga reports. They currently have a neutral rating on the mining company’s stock.

Several other equities analysts also recently issued reports on CLF. JPMorgan Chase & Co. upped their price objective on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Wells Fargo & Company reissued an “underweight” rating and set a $11.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday. Citigroup upped their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Cleveland-Cliffs in a research note on Wednesday, October 8th. Finally, KeyCorp raised shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective on the stock in a report on Tuesday, July 22nd. Three investment 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. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $12.36.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $13.07 on Tuesday. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. The firm has a market cap of $6.46 billion, a PE ratio of -3.84 and a beta of 1.96. Cleveland-Cliffs has a 12 month low of $5.63 and a 12 month high of $16.70. The stock has a fifty day moving average price of $11.94 and a 200-day moving average price of $9.52.

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

Institutional Investors Weigh In On Cleveland-Cliffs

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