The Goldman Sachs Group Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $11.25

Cleveland-Cliffs (NYSE:CLF) had its price target lowered by The Goldman Sachs Group from $13.00 to $11.25 in a research report sent to investors on Monday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the mining company’s stock.

A number of other research analysts have also weighed in on the company. Morgan Stanley dropped their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Glj Research dropped their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, B. Riley reiterated a “buy” rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.02.

Cleveland-Cliffs Stock Performance

CLF opened at $7.47 on Monday. Cleveland-Cliffs has a 1-year low of $6.17 and a 1-year high of $18.10. The company has a market cap of $3.69 billion, a price-to-earnings ratio of -7.70 and a beta of 2.03. The company’s fifty day moving average price is $8.22 and its two-hundred day moving average price is $10.04. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the previous year, the firm earned $0.18 earnings per share. The company’s revenue was down 11.0% on a year-over-year basis. On average, analysts expect that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, Director John T. Baldwin bought 4,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 23,500 shares of company stock worth $243,095. 1.71% of the stock is owned by company insiders.

Institutional Trading of Cleveland-Cliffs

A number of large investors have recently bought and sold shares of CLF. Vanguard Group Inc. grew its stake in shares of Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after acquiring an additional 2,556,332 shares during the period. Dimensional Fund Advisors LP raised its stake in Cleveland-Cliffs by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock valued at $199,724,000 after acquiring an additional 647,282 shares during the period. Slate Path Capital LP lifted its holdings in Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Geode Capital Management LLC boosted its position in Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock worth $79,611,000 after purchasing an additional 264,078 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Cleveland-Cliffs by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after purchasing an additional 1,236,247 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

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.