Cleveland-Cliffs (NYSE:CLF) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Cleveland-Cliffs (NYSE:CLF – Get Rating) in a research note issued to investors on Tuesday, The Fly reports. The firm issued a neutral rating and a $18.00 target price on the mining company’s stock.

A number of other analysts also recently issued reports on CLF. Citigroup lifted their price target on Cleveland-Cliffs from $16.00 to $22.00 and gave the stock a neutral rating in a report on Monday, February 13th. B. Riley decreased their price target on Cleveland-Cliffs from $27.00 to $26.00 and set a buy rating for the company in a report on Wednesday, February 15th. StockNews.com upgraded Cleveland-Cliffs from a sell rating to a hold rating in a research report on Tuesday. Wolfe Research upgraded Cleveland-Cliffs from an underperform rating to a peer perform rating in a research report on Monday, March 20th. Finally, BNP Paribas upgraded Cleveland-Cliffs from an underperform rating to a neutral rating and set a $21.00 target price on the stock in a research report on Wednesday, January 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of Hold and an average price target of $20.53.

Cleveland-Cliffs Trading Up 0.7 %

NYSE:CLF opened at $14.29 on Tuesday. The firm has a market cap of $7.36 billion, a PE ratio of 15.88 and a beta of 2.22. The stock has a fifty day moving average price of $16.32 and a 200 day moving average price of $17.52. Cleveland-Cliffs has a 12-month low of $11.82 and a 12-month high of $24.66. The company has a current ratio of 2.15, a quick ratio of 0.73 and a debt-to-equity ratio of 0.59.

Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings results on Tuesday, April 25th. The mining company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.09. The company had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.21 billion. Cleveland-Cliffs had a return on equity of 8.32% and a net margin of 2.14%. Cleveland-Cliffs’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.71 EPS. Sell-side analysts anticipate that Cleveland-Cliffs will post 2.13 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, Director Susan Miranda Green sold 8,700 shares of the business’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $22.66, for a total value of $197,142.00. Following the transaction, the director now owns 87,353 shares in the company, valued at approximately $1,979,418.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cleveland-Cliffs news, Director Douglas C. Taylor sold 42,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $21.25, for a total transaction of $892,500.00. Following the transaction, the director now owns 118,469 shares in the company, valued at approximately $2,517,466.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan Miranda Green sold 8,700 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $22.66, for a total value of $197,142.00. Following the transaction, the director now owns 87,353 shares in the company, valued at approximately $1,979,418.98. The disclosure for this sale can be found here. Insiders have purchased 125,300 shares of company stock worth $1,875,531 in the last quarter. Company insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC increased its position in Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after purchasing an additional 746 shares during the period. AXS Investments LLC purchased a new position in Cleveland-Cliffs in the 4th quarter valued at approximately $31,000. Ameritas Advisory Services LLC purchased a new position in Cleveland-Cliffs in the 1st quarter valued at approximately $35,000. Destiny Wealth Partners LLC purchased a new position in Cleveland-Cliffs in the 4th quarter valued at approximately $32,000. Finally, MCF Advisors LLC purchased a new position in Cleveland-Cliffs in the 1st quarter valued at approximately $37,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

About Cleveland-Cliffs

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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.