Cleveland-Cliffs Inc. (NYSE:CLF) Receives $17.22 Consensus Price Target from Brokerages

Cleveland-Cliffs Inc. (NYSE:CLF) has been assigned an average recommendation of “Hold” from the eleven research firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $17.22.

Several analysts have issued reports on the company. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Finally, Citigroup dropped their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th.

Institutional Trading of Cleveland-Cliffs

Several hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. increased its position in Cleveland-Cliffs by 105.6% in the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after purchasing an additional 134,939 shares during the last quarter. Twelve Points Wealth Management LLC grew its stake in shares of Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after buying an additional 49,359 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Cleveland-Cliffs by 987.0% in the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after buying an additional 187,957 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at about $22,122,000. Finally, First Dallas Securities Inc. lifted its holdings in shares of Cleveland-Cliffs by 27.9% in the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after acquiring an additional 45,150 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

CLF opened at $9.24 on Thursday. Cleveland-Cliffs has a 12-month low of $9.13 and a 12-month high of $22.97. The company has a market cap of $4.56 billion, a price-to-earnings ratio of -9.53 and a beta of 1.92. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average is $11.83 and its 200 day moving average is $13.06.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. During the same period in the previous year, the firm earned $0.54 EPS. The company’s revenue was down 18.5% on a year-over-year basis. On average, equities research analysts predict that Cleveland-Cliffs will post -0.45 EPS for the current year.

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.