Citigroup Increases Cleveland-Cliffs (NYSE:CLF) Price Target to $11.00

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its target price upped by stock analysts at Citigroup from $7.50 to $11.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the mining company's stock. Citigroup's price objective suggests a potential upside of 2.75% from the company's previous close.

A number of other research firms also recently issued reports on CLF. Glj Research downgraded Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a research report on Wednesday, May 28th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $7.50 price objective on shares of Cleveland-Cliffs in a research report on Monday, July 14th. The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. B. Riley reaffirmed a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Finally, Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a report on Friday, June 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs has an average rating of "Hold" and an average price target of $9.78.

Cleveland-Cliffs Trading Up 12.9%

NYSE CLF traded up $1.23 during trading hours on Monday, reaching $10.71. The company had a trading volume of 66,195,041 shares, compared to its average volume of 19,992,922. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $5.29 billion, a P/E ratio of -4.39 and a beta of 1.91. The stock has a 50-day moving average of $7.70 and a 200 day moving average of $8.78. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $16.00.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period last year, the company earned $0.11 EPS. The firm's quarterly revenue was up 7.5% on a year-over-year basis. As a group, research analysts anticipate that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president directly owned 492,249 shares of the company's stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently bought and sold shares of CLF. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $25,000. Atwood & Palmer Inc. purchased a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at about $36,000. Estabrook Capital Management lifted its stake in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after purchasing an additional 2,700 shares during the period. Finally, Fifth Third Bancorp lifted its stake in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after purchasing an additional 1,664 shares during the period. 67.68% of the stock is 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.

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