Cleveland-Cliffs (NYSE:CLF) Given New $11.00 Price Target at Morgan Stanley

Cleveland-Cliffs (NYSE:CLF) had its target price reduced by investment analysts at Morgan Stanley from $13.00 to $11.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the mining company’s stock. Morgan Stanley’s price target points to a potential upside of 13.85% from the company’s previous close.

A number of other equities analysts have also recently weighed in on CLF. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a report on Tuesday, January 7th. Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average target price of $16.68.

Cleveland-Cliffs Stock Down 5.6 %

Cleveland-Cliffs stock opened at $9.66 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The business’s 50-day simple moving average is $10.50 and its two-hundred day simple moving average is $12.09. The company has a market cap of $4.77 billion, a PE ratio of -9.96 and a beta of 1.96. Cleveland-Cliffs has a fifty-two week low of $8.99 and a fifty-two week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. Equities analysts anticipate that Cleveland-Cliffs will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CLF. Pacer Advisors Inc. raised its stake in Cleveland-Cliffs by 13.7% in the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after buying an additional 3,110,651 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Cleveland-Cliffs by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock worth $47,902,000 after purchasing an additional 121,389 shares in the last quarter. Hodges Capital Management Inc. increased its position in shares of Cleveland-Cliffs by 13.4% during the fourth quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock worth $31,178,000 after purchasing an additional 391,109 shares in the last quarter. Drexel Morgan & Co. increased its position in shares of Cleveland-Cliffs by 3.8% during the third quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after purchasing an additional 116,400 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after purchasing an additional 2,176,837 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.