Cleveland-Cliffs (NYSE:CLF) Price Target Lowered to $13.50 at Morgan Stanley

Cleveland-Cliffs (NYSE:CLF) had its price objective lowered by Morgan Stanley from $15.00 to $13.50 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the mining company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 14.31% from the stock’s previous close.

CLF has been the subject of a number of other reports. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Bank of America dropped their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. B. Riley reissued a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Citigroup reduced their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Trading Up 0.5 %

Shares of CLF stock opened at $11.81 on Wednesday. Cleveland-Cliffs has a 1 year low of $10.21 and a 1 year high of $22.97. The firm has a fifty day moving average price of $13.58 and a 200-day moving average price of $16.67. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 21.57 and a beta of 1.97. 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 issued its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business’s quarterly revenue was down 14.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.69 earnings per share. As a group, equities analysts predict that Cleveland-Cliffs will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth $31,000. Gradient Investments LLC raised its holdings in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares during the last quarter. Rise Advisors LLC lifted its position in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares during the period. Finally, Hexagon Capital Partners LLC lifted its position in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

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.