Bank of America Lowers Cleveland-Cliffs (NYSE:CLF) Price Target to $11.50

Cleveland-Cliffs (NYSE:CLF) had its target price decreased by investment analysts at Bank of America from $14.00 to $11.50 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the mining company’s stock. Bank of America‘s target price would indicate a potential upside of 22.67% from the company’s previous close.

A number of other equities research analysts have also issued reports on CLF. Barclays started coverage on shares of Cleveland-Cliffs in a research note on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price for the company. Morgan Stanley restated an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Wells Fargo & Company dropped their target price on Cleveland-Cliffs from $14.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. Nine equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $11.80.

Cleveland-Cliffs Price Performance

CLF stock opened at $9.38 on Thursday. Cleveland-Cliffs has a one year low of $7.73 and a one year high of $16.70. The firm has a 50-day moving average of $11.47 and a two-hundred day moving average of $11.29. The firm has a market capitalization of $5.35 billion, a PE ratio of -4.01 and a beta of 2.13. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The business had revenue of $4.92 billion for 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 was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.92) earnings per share. On average, analysts forecast that Cleveland-Cliffs will post -0.27 earnings per share for the current year.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated 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 transaction, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.95% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Hedge funds have recently bought and sold shares of the stock. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $25,000. Center for Financial Planning Inc. raised its position in Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after purchasing an additional 1,805 shares in the last quarter. IFP Advisors Inc raised its position in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after purchasing an additional 1,200 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,214 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares during the period. 67.68% of the stock is owned by institutional investors.

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.