Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $13.00

Cleveland-Cliffs (NYSE:CLF) had its price target raised by JPMorgan Chase & Co. from $11.00 to $13.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the mining company’s stock.

CLF has been the subject of several other research reports. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and increased their price objective for the company from $15.01 to $15.60 in a report on Friday, July 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Bank of America dropped their price target on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. UBS Group set a $13.00 price target on shares of Cleveland-Cliffs in a research note on Monday. Finally, Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.06.

Cleveland-Cliffs Stock Performance

CLF opened at $12.06 on Wednesday. Cleveland-Cliffs has a 52-week low of $7.73 and a 52-week high of $16.70. The firm has a market capitalization of $6.88 billion, a PE ratio of -7.45 and a beta of 2.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The business’s 50-day simple moving average is $11.27 and its 200 day simple moving average is $10.75.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The business’s revenue was up 5.9% compared to the same quarter last year. During the same period last year, the company earned ($0.50) earnings per share. As a group, sell-side analysts expect that Cleveland-Cliffs will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Focus Partners Wealth bought a new stake in Cleveland-Cliffs in the 1st quarter valued at $339,000. Prudential Financial Inc. boosted its position in Cleveland-Cliffs by 27.4% during the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock worth $380,000 after purchasing an additional 10,733 shares during the period. Russell Investments Group Ltd. boosted its position in Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock worth $1,088,000 after purchasing an additional 6,073 shares during the period. CW Advisors LLC boosted its position in Cleveland-Cliffs by 47.4% during the second quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after purchasing an additional 7,127 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Cleveland-Cliffs by 20.3% in the second quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock valued at $23,417,000 after purchasing an additional 520,120 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.