Bank of America Raises Cleveland-Cliffs (NYSE:CLF) Price Target to $14.50

Key Points

• Bank of America has raised its price target for Cleveland-Cliffs (NYSE:CLF) from $12.50 to $14.50, while maintaining a "neutral" rating on the stock.
• The stock has a current consensus price target of $12.16 based on ratings from various analysts, including three with a "Buy" rating and four issuing a "Hold" rating.
• Cleveland-Cliffs reported a revenue of $4.73 billion for the last quarter, beating earnings estimates, but still reflecting a year-over-year growth of only 3.6%.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price objective increased by Bank of America from $12.50 to $14.50 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the mining company's stock. Bank of America's price objective would indicate a potential downside of 10.49% from the stock's previous close.

A number of other equities research analysts have also issued reports on CLF. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $11.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Cleveland-Cliffs in a research note on Wednesday, October 8th. Citigroup upped their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group increased their price target on Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a "buy" rating in a research note on Thursday, October 9th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $12.16.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $16.20 on Tuesday. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The business's 50 day moving average is $11.78 and its two-hundred day moving average is $9.42. Cleveland-Cliffs has a 12-month low of $5.63 and a 12-month high of $16.70. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of -4.75 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.03. The business had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.33) EPS. Research analysts expect that Cleveland-Cliffs will post -0.79 EPS for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of large investors have recently bought and sold shares of CLF. Maple Rock Capital Partners Inc. bought a new position in Cleveland-Cliffs in the second quarter worth about $63,731,000. Norges Bank bought a new position in Cleveland-Cliffs in the second quarter worth about $44,120,000. Turiya Advisors Asia Ltd bought a new position in Cleveland-Cliffs in the second quarter worth about $39,357,000. State Street Corp lifted its holdings in Cleveland-Cliffs by 20.2% in the second quarter. State Street Corp now owns 27,450,442 shares of the mining company's stock worth $208,623,000 after acquiring an additional 4,603,807 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Cleveland-Cliffs by 200.4% in the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company's stock worth $48,104,000 after acquiring an additional 4,222,528 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.