Cleveland-Cliffs Inc. (NYSE:CLF) Given Consensus Recommendation of “Reduce” by Brokerages

Cleveland-Cliffs Inc. (NYSE:CLF) has earned a consensus recommendation of “Reduce” from the eleven analysts that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $12.9010.

A number of brokerages recently weighed in on CLF. Barclays began coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They set an “underweight” rating and a $9.00 price objective for the company. Wells Fargo & Company raised their target price on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, June 10th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $9.82 on Monday. The stock has a market capitalization of $5.60 billion, a PE ratio of -4.20 and a beta of 2.13. The business’s fifty day moving average price is $11.52 and its 200 day moving average price is $11.41. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. Cleveland-Cliffs has a 12-month low of $7.73 and a 12-month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. The firm had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.92) earnings per share. Equities research analysts forecast that Cleveland-Cliffs will post -0.27 EPS for the current year.

Insider Transactions at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Several large investors have recently bought and sold shares of CLF. Public Employees Retirement System of Ohio increased its stake in shares of Cleveland-Cliffs by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after acquiring an additional 943 shares during the period. Moors & Cabot Inc. boosted its stake in Cleveland-Cliffs by 3.0% during the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after purchasing an additional 960 shares in the last quarter. Whitcomb & Hess Inc. increased its position in shares of Cleveland-Cliffs by 3.8% during the 4th quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock valued at $357,000 after purchasing an additional 973 shares during the period. Rexford Capital Inc. increased its position in shares of Cleveland-Cliffs by 11.8% during the 4th quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock valued at $126,000 after purchasing an additional 1,000 shares during the period. Finally, Cidel Asset Management Inc. raised its stake in shares of Cleveland-Cliffs by 6.0% in the 4th quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock worth $242,000 after buying an additional 1,037 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.