Cleveland-Cliffs (NYSE:CLF) had its price objective decreased by Citigroup from $15.00 to $13.00 in a research report sent to investors on Monday morning, Marketbeat reports. Citigroup currently has a buy rating on the mining company’s stock.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group upgraded Cleveland-Cliffs to a buy rating and set a $13.00 price target for the company in a research report on Friday, September 7th. Zacks Investment Research upgraded Cleveland-Cliffs from a hold rating to a buy rating and set a $14.00 price target for the company in a research report on Tuesday, October 9th. B. Riley set a $15.00 price target on Cleveland-Cliffs and gave the company a buy rating in a research report on Wednesday, September 26th. ValuEngine upgraded Cleveland-Cliffs from a sell rating to a hold rating in a research report on Wednesday, September 12th. Finally, Morgan Stanley set a $11.00 price target on Cleveland-Cliffs and gave the company a hold rating in a research report on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $11.36.

Shares of CLF stock opened at $9.03 on Monday. Cleveland-Cliffs has a fifty-two week low of $6.02 and a fifty-two week high of $13.10. The stock has a market cap of $2.72 billion, a P/E ratio of 17.80 and a beta of 1.62.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.02). Cleveland-Cliffs had a net margin of 36.43% and a negative return on equity of 146.72%. The firm had revenue of $742.00 million for the quarter, compared to the consensus estimate of $736.06 million. During the same period in the prior year, the business earned $0.36 EPS. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities analysts forecast that Cleveland-Cliffs will post 2.03 EPS for the current fiscal year.

Cleveland-Cliffs declared that its board has authorized a share buyback plan on Monday, November 26th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the mining company to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Friday, January 4th will be given a $0.05 dividend. The ex-dividend date is Thursday, January 3rd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.21%.

Large investors have recently added to or reduced their stakes in the stock. NEXT Financial Group Inc acquired a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at $122,000. Edge Wealth Management LLC purchased a new stake in Cleveland-Cliffs in the 3rd quarter worth about $127,000. Summit X LLC purchased a new stake in Cleveland-Cliffs in the 3rd quarter worth about $152,000. Tower Research Capital LLC TRC lifted its stake in Cleveland-Cliffs by 1,248.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,999 shares of the mining company’s stock worth $101,000 after acquiring an additional 11,109 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in Cleveland-Cliffs in the 2nd quarter worth about $131,000. Institutional investors and hedge funds own 69.66% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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