JPMorgan Chase & Co. Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $12.00

Cleveland-Cliffs (NYSE:CLF) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $13.00 to $12.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the mining company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 7.30% from the stock’s previous close.

Several other brokerages also recently commented on CLF. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Morgan Stanley restated an “equal weight” rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Glj Research increased their target price on Cleveland-Cliffs from $15.60 to $17.48 and gave the company a “buy” rating in a research report on Monday, September 21st. Barclays raised their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Friday, July 24th. Finally, UBS Group set a $13.00 target price on shares of Cleveland-Cliffs in a research report on Monday, September 7th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.35.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded up $0.76 during mid-day trading on Friday, hitting $12.95. The company had a trading volume of 20,420,119 shares, compared to its average volume of 18,495,980. The company has a market capitalization of $7.39 billion, a P/E ratio of -8.02 and a beta of 2.09. Cleveland-Cliffs has a 52-week low of $7.73 and a 52-week high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The stock’s 50 day moving average price is $11.95 and its 200-day moving average price is $11.06.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. The business had revenue of $5.23 billion for the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.50) EPS. Equities research analysts forecast that Cleveland-Cliffs will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CLF. IFP Advisors Inc grew its position in Cleveland-Cliffs by 39.5% during the 2nd quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,453 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of Cleveland-Cliffs by 4.2% in the second quarter. Baird Financial Group Inc. now owns 37,026 shares of the mining company’s stock worth $348,000 after acquiring an additional 1,496 shares during the period. Versant Capital Management Inc increased its holdings in Cleveland-Cliffs by 24.3% in the 2nd quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock valued at $77,000 after acquiring an additional 1,614 shares during the last quarter. Center for Financial Planning Inc. increased 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 during the last quarter. Finally, Cloverfields Capital Group LP raised its position in Cleveland-Cliffs by 3.3% in the 1st quarter. Cloverfields Capital Group LP now owns 62,094 shares of the mining company’s stock worth $525,000 after purchasing an additional 1,979 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.