Citigroup Lowers Cleveland-Cliffs (NYSE:CLF) Price Target to $12.50

Cleveland-Cliffs (NYSE:CLF) had its price objective reduced by Citigroup from $18.00 to $12.50 in a research note published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the mining company’s stock.

A number of other research analysts have also recently commented on the company. B. Riley restated a buy rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an overweight rating to a neutral rating and reduced their price target for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a hold rating to a strong-buy rating in a research report on Tuesday, August 27th. Jefferies Financial Group started coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They set a buy rating and a $22.00 target price on the stock. Finally, Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an equal weight rating for the company in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of Hold and a consensus target price of $17.75.

Cleveland-Cliffs Trading Up 2.0 %

NYSE CLF opened at $11.35 on Tuesday. The firm has a market capitalization of $5.40 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 6.73 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs has a one year low of $10.21 and a one year high of $22.97. The company’s 50 day moving average price is $13.79 and its 200 day moving average price is $16.91.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter last year, the firm posted $0.69 EPS. The business’s revenue for the quarter was down 14.9% compared to the same quarter last year. On average, sell-side analysts predict that Cleveland-Cliffs will post 0.04 EPS for the current year.

Institutional Trading of Cleveland-Cliffs

Institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after acquiring an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC increased its holdings in Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after buying an additional 2,027,757 shares during the last quarter. Norges Bank acquired a new stake in Cleveland-Cliffs during the fourth quarter valued at approximately $117,585,000. Bank of New York Mellon Corp lifted its holdings in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after buying an additional 1,069,907 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Cleveland-Cliffs by 5.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock worth $72,328,000 after acquiring an additional 194,948 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

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.