JPMorgan Chase & Co. Boosts Cleveland-Cliffs (NYSE:CLF) Price Target to $13.00

Key Points

• JPMorgan raised Cleveland-Cliffs’ price target to $13 from $11 while maintaining a “neutral” rating, implying approximately 6.95% upside from the reported $12.15 share price.
• Analyst sentiment remains mixed but centered on “Hold”: two analysts rate the stock Buy, seven Hold, and two Sell, with a consensus price target of $12.06.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion and an adjusted loss of $0.20 per share, narrowly beating estimates; institutional investors and hedge funds own 67.68% of the company.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $11.00 to $13.00 in a report released on Wednesday, Benzinga reports. The firm presently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 6.95% from the company's current price.

Several other equities research analysts have also commented on the stock. Wells Fargo & Company boosted their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research report on Monday, August 24th. Citigroup restated a "positive" rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. UBS Group set a $13.00 price objective on Cleveland-Cliffs in a research note on Monday. Glj Research raised shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and lifted their price target for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. Finally, Barclays increased their target price on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an "underweight" rating in a research note on Friday, July 24th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $12.06.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded down $0.14 on Wednesday, reaching $12.15. 5,748,929 shares of the stock were exchanged, compared to its average volume of 18,833,434. The firm has a market capitalization of $6.93 billion, a PE ratio of -7.50 and a beta of 2.10. The business has a fifty day moving average price of $11.13 and a two-hundred day moving average price of $10.72. Cleveland-Cliffs has a 1-year low of $7.73 and a 1-year high of $16.70. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.Cleveland-Cliffs's quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.50) earnings per share. As a group, research analysts anticipate that Cleveland-Cliffs will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CLF. BlackRock Inc. acquired a new stake in Cleveland-Cliffs during the second quarter valued at approximately $522,766,000. Castle Hook Partners LP grew its stake in Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock valued at $240,143,000 after acquiring an additional 15,393,507 shares in the last quarter. Turiya Advisors Asia Ltd purchased a new stake in Cleveland-Cliffs in the 4th quarter worth approximately $96,280,000. PointState Capital LP purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth $61,805,000. Finally, Avala Global LP acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $58,325,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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