Cleveland-Cliffs (NYSE:CLF) Stock Price Target Raised at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Cleveland-Cliffs’ price target from $12 to $13 but maintained a “neutral” rating, implying approximately 3.27% downside from the reported share price.
• Analyst sentiment remains mixed: Cleveland-Cliffs has an average “Hold” rating and a consensus price target of $13.40, with three Buy, six Hold, and two Sell ratings.
• The company exceeded quarterly EPS estimates, reporting $0.28 versus the $0.24 consensus, while revenue rose 18.5% year over year to $5.61 billion but fell short of estimates.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price objective hoisted by investment analysts at JPMorgan Chase & Co. from $12.00 to $13.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s price target indicates a potential downside of 3.27% from the company's current price.

CLF has been the topic of a number of other research reports. UBS Group set a $13.00 price target on shares of Cleveland-Cliffs in a research note on Monday, September 7th. Glj Research lifted their price target on shares of Cleveland-Cliffs from $15.60 to $17.48 and gave the company a "buy" rating in a report on Monday, September 21st. The Goldman Sachs Group reissued a "neutral" rating and set a $13.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday. Wells Fargo & Company upped their price objective on Cleveland-Cliffs from $14.00 to $17.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Barclays set a $12.00 price objective on Cleveland-Cliffs in a report on Thursday. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $13.40.

Cleveland-Cliffs Trading Down 4.2%

NYSE CLF opened at $13.44 on Thursday. Cleveland-Cliffs has a 12 month low of $7.73 and a 12 month high of $15.35. The company has a 50-day moving average of $12.11 and a 200-day moving average of $11.37. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.63. The company has a market cap of $7.67 billion, a P/E ratio of -15.76, a P/E/G ratio of 5.20 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.04. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.69 billion. During the same period in the prior year, the firm posted ($0.51) EPS. The company's revenue was up 18.5% on a year-over-year basis. As a group, equities analysts predict that Cleveland-Cliffs will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of large investors have recently modified their holdings of the stock. Sei Investments Co. increased its holdings in Cleveland-Cliffs by 95.4% in the first quarter. Sei Investments Co. now owns 302,972 shares of the mining company's stock valued at $2,560,000 after buying an additional 147,899 shares during the last quarter. Quantinno Capital Management LP raised its stake in Cleveland-Cliffs by 68.0% during the first quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company's stock valued at $1,796,000 after buying an additional 86,036 shares in the last quarter. SFE Investment Counsel acquired a new stake in Cleveland-Cliffs during the second quarter valued at approximately $8,562,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cleveland-Cliffs during the second quarter valued at approximately $505,000. Finally, California State Teachers Retirement System lifted its holdings in Cleveland-Cliffs by 23.0% during the 1st quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company's stock worth $5,595,000 after buying an additional 123,660 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.

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