Brokerages Set Cleveland-Cliffs Inc. (NYSE:CLF) PT at $13.59

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) have earned a consensus recommendation of “Hold” from the ten ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $13.5920.

CLF has been the subject of several research reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of Cleveland-Cliffs in a research note on Monday, February 9th. Citigroup raised their target price on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $12.80 to $17.00 in a report on Friday, January 9th. KeyCorp started coverage on Cleveland-Cliffs in a report on Wednesday. They issued a “sector weight” rating for the company. Finally, Wells Fargo & Company reduced their price objective on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 19th.

Cleveland-Cliffs Trading Up 2.7%

Shares of CLF opened at $8.54 on Friday. Cleveland-Cliffs has a 52-week low of $5.63 and a 52-week high of $16.70. The company has a quick ratio of 0.50, a current ratio of 1.95 and a debt-to-equity ratio of 1.15. The firm’s fifty day moving average is $11.44 and its two-hundred day moving average is $12.14. The stock has a market cap of $4.87 billion, a PE ratio of -2.92 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 9th. The mining company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.68) earnings per share. Research analysts forecast that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Lourenco Goncalves sold 3,000,000 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total transaction of $37,260,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Clifford T. Smith sold 200,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the completion of the sale, the chief operating officer directly owned 560,529 shares of the company’s stock, valued at $5,863,133.34. This represents a 26.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.71% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of the company. Strengthening Families & Communities LLC grew its stake in shares of Cleveland-Cliffs by 4,315.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,942 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $25,000. IFP Advisors Inc raised its position in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after buying an additional 1,214 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,855 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.