Analysts Set Cleveland-Cliffs Inc. (NYSE:CLF) PT at $12.36

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have been given an average rating of “Hold” by the ten brokerages that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $12.3611.

CLF has been the subject of several recent research reports. The Goldman Sachs Group boosted their price objective on Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a research report on Thursday, October 9th. Morgan Stanley boosted their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. Glj Research reiterated a “sell” rating and issued a $5.75 price objective on shares of Cleveland-Cliffs in a research report on Tuesday. Citigroup boosted their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Cleveland-Cliffs in a research report on Wednesday, October 8th.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $13.13 on Wednesday. The business has a 50 day moving average of $12.00 and a 200 day moving average of $9.56. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of -3.86 and a beta of 1.96. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $16.70. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) earnings per share 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 firm had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the previous year, the company posted ($0.33) earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. On average, sell-side analysts predict that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently made changes to their positions in CLF. Atwood & Palmer Inc. bought a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $27,000. Trust Co. of Toledo NA OH bought a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $27,000. Winch Advisory Services LLC raised its holdings in shares of Cleveland-Cliffs by 131.3% during the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock valued at $31,000 after acquiring an additional 2,310 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Cleveland-Cliffs during the first quarter valued at approximately $36,000. Finally, Islay Capital Management LLC bought a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $38,000. Institutional investors own 67.68% of the company’s stock.

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.