Cleveland-Cliffs (NYSE:CLF) Price Target Lowered to $23.00 at JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLF) had its target price reduced by analysts at JPMorgan Chase & Co. from $24.00 to $23.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the mining company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 26.03% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Morgan Stanley restated an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. StockNews.com upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a report on Wednesday, February 28th. Finally, Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.75.

Cleveland-Cliffs Stock Performance

Shares of CLF stock traded down $0.30 during trading hours on Wednesday, reaching $18.25. The company had a trading volume of 5,590,939 shares, compared to its average volume of 8,642,099. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. Cleveland-Cliffs has a one year low of $13.61 and a one year high of $22.97. The firm has a market cap of $8.68 billion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 0.72 and a beta of 2.03. The business has a fifty day moving average price of $20.98 and a 200-day moving average price of $18.98.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Tuesday, April 23rd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.50%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same period in the previous year, the company earned ($0.11) EPS. Cleveland-Cliffs’s revenue was down 1.8% compared to the same quarter last year. Sell-side analysts predict that Cleveland-Cliffs will post 1.66 earnings per share for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now directly owns 90,286 shares in the company, valued at approximately $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Arlene M. Yocum purchased 2,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The stock was bought at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the acquisition, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 221,066 shares of company stock valued at $4,464,688. 1.76% of the stock is currently owned by company insiders.

Institutional Trading of Cleveland-Cliffs

Institutional investors and hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC purchased a new stake in Cleveland-Cliffs in the third quarter worth $29,000. Anchor Investment Management LLC purchased a new position in Cleveland-Cliffs during the 4th quarter valued at about $31,000. Lindbrook Capital LLC lifted its position in Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after buying an additional 716 shares in the last quarter. Rise Advisors LLC boosted its holdings in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the period. Finally, HighMark Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth about $35,000. Hedge funds and other 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.