Cleveland-Cliffs Inc. (NYSE:CLF) Receives $17.75 Consensus Price Target from Brokerages

Cleveland-Cliffs Inc. (NYSE:CLF) has received an average rating of “Hold” from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $17.56.

A number of equities analysts have recently weighed in on the company. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Finally, B. Riley reiterated a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its position in Cleveland-Cliffs by 54.7% during the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the period. AQR Capital Management LLC raised its holdings in Cleveland-Cliffs by 49.9% during the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after buying an additional 2,027,757 shares during the period. Norges Bank bought a new stake in Cleveland-Cliffs in the fourth quarter worth $117,585,000. Bank of New York Mellon Corp boosted its stake in Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after buying an additional 1,069,907 shares during the period. Finally, Castle Hook Partners LP raised its stake in shares of Cleveland-Cliffs by 13.8% in the first quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after acquiring an additional 410,182 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.87 on Tuesday. The company has a market capitalization of $5.64 billion, a P/E ratio of 16.04, a P/E/G ratio of 21.57 and a beta of 1.97. Cleveland-Cliffs has a 1-year low of $10.21 and a 1-year high of $22.97. The firm’s 50 day simple moving average is $13.25 and its two-hundred day simple moving average is $16.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the company earned $0.69 EPS. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs will post 0.01 EPS for the current fiscal year.

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.