Glj Research Has Lowered Expectations for Cleveland-Cliffs (NYSE:CLF) Stock Price

Cleveland-Cliffs (NYSE:CLF) had its target price cut by equities research analysts at Glj Research from $14.54 to $12.90 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the mining company’s stock. Glj Research’s target price points to a potential upside of 19.17% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. Citigroup decreased their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.54.

Cleveland-Cliffs Stock Up 0.9 %

Shares of NYSE CLF opened at $10.83 on Thursday. The business has a fifty day moving average of $10.31 and a two-hundred day moving average of $11.66. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs has a 52-week low of $8.99 and a 52-week high of $22.97. The stock has a market cap of $5.35 billion, a PE ratio of -11.16 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. As a group, equities research analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other Cleveland-Cliffs news, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, with a total value of $102,695.00. Following the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in CLF. Strengthening Families & Communities LLC grew its position in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the period. Pinpoint Asset Management Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $25,000. Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs in the third quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs in the third quarter worth $34,000. Finally, Blue Trust Inc. boosted its position in shares of Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after purchasing an additional 2,539 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.