JPMorgan Chase & Co. Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $10.00

Cleveland-Cliffs (NYSE:CLF) had its target price trimmed by JPMorgan Chase & Co. from $13.00 to $10.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the mining company’s stock.

Other equities analysts have also issued reports about the company. Bank of America lowered their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. KeyCorp initiated coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They issued a “sector weight” rating for the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Barclays began coverage on Cleveland-Cliffs in a report on Thursday, May 21st. They set an “underweight” rating and a $9.00 price objective on the stock. Finally, Citigroup lowered their price objective on Cleveland-Cliffs from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 7th. Nine analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Reduce” and a consensus target price of $11.50.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $9.28 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of -3.96 and a beta of 2.13. The company’s fifty day moving average is $11.36 and its two-hundred day moving average is $11.14. Cleveland-Cliffs has a 52-week low of $7.73 and a 52-week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the previous year, the firm posted ($0.92) EPS. The business’s revenue was up 6.3% compared to the same quarter last year. Equities research analysts forecast that Cleveland-Cliffs will post -0.27 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its stake in shares of Cleveland-Cliffs by 208.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock valued at $56,545,000 after purchasing an additional 4,067,994 shares during the period. GAMMA Investing LLC lifted its position in shares of Cleveland-Cliffs by 60.0% during the 2nd quarter. GAMMA Investing LLC now owns 12,149 shares of the mining company’s stock worth $114,000 after buying an additional 4,557 shares during the period. Moody National Bank Trust Division acquired a new stake in Cleveland-Cliffs in the 2nd quarter valued at $545,000. Versant Capital Management Inc boosted its stake in Cleveland-Cliffs by 24.3% in the 2nd quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock valued at $77,000 after buying an additional 1,614 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in Cleveland-Cliffs by 25.2% in the first quarter. NewEdge Advisors LLC now owns 123,427 shares of the mining company’s stock valued at $1,043,000 after acquiring an additional 24,868 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Cleveland-Cliffs

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Cleveland-Cliffs is still headed into its quarterly report, and the company previously beat expectations on revenue and EPS in its last earnings release, showing it can outperform estimates when operations improve. Cleveland-Cliffs (CLF) to Release Quarterly Earnings on Thursday
• Neutral Sentiment: Recent coverage says Cleveland-Cliffs is not showing the usual signals for a likely earnings beat next week, which suggests expectations are muted rather than clearly optimistic. Will Cleveland-Cliffs (CLF) Report Negative Earnings Next Week? What You Should Know
• Neutral Sentiment: The stock has been moving with broader weakness in the industrial/metals space, with recent articles highlighting that CLF has fallen more steeply than the overall market in the latest sessions. Why Cleveland-Cliffs (CLF) Dipped More Than Broader Market Today
• Negative Sentiment: Barclays reiterated a Sell rating on Cleveland-Cliffs, adding pressure on the stock as analysts remain cautious about the company’s outlook. Barclays Remains a Sell on Cleveland-Cliffs (CLF)
• Negative Sentiment: JPMorgan also lowered its price target to $10.00, reinforcing the view that Wall Street expects limited near-term upside for Cleveland-Cliffs. Cleveland-Cliffs (NYSE:CLF) Price Target Lowered to $10.00 at JPMorgan Chase & Co.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.