Cleveland-Cliffs Inc. (NYSE:CLF) Receives $14.02 Consensus Price Target from Brokerages

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eight analysts that are currently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $14.02.

Several research firms recently commented on CLF. Glj Research decreased their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group reduced 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 report on Monday, May 12th. B. Riley reiterated a "buy" rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd.

Cleveland-Cliffs Trading Down 1.5%

Shares of CLF traded down $0.10 during trading hours on Friday, hitting $6.38. 53,045,636 shares of the stock were exchanged, compared to its average volume of 15,722,536. Cleveland-Cliffs has a fifty-two week low of $6.05 and a fifty-two week high of $17.41. The business has a 50-day moving average of $7.81 and a 200-day moving average of $9.65. The firm has a market capitalization of $3.15 billion, a P/E ratio of -6.58 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the previous year, the business posted $0.18 earnings per share. The business's revenue was down 11.0% on a year-over-year basis. On average, research analysts expect that Cleveland-Cliffs will post -0.79 EPS for the current year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president now owns 492,249 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the company's stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This represents a 68.86% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock valued at $243,095 over the last ninety days. 1.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. raised its stake in Cleveland-Cliffs by 1.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock valued at $911,000 after acquiring an additional 932 shares during the period. AllSquare Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after purchasing an additional 1,000 shares in the last quarter. MRP Capital Investments LLC raised its position in shares of Cleveland-Cliffs by 10.0% in the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock valued at $103,000 after purchasing an additional 1,000 shares during the period. Jones Financial Companies Lllp raised its position in shares of Cleveland-Cliffs by 21.3% in the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock valued at $63,000 after purchasing an additional 1,182 shares during the period. Finally, Louisiana State Employees Retirement System lifted its stake in shares of Cleveland-Cliffs by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock valued at $1,115,000 after buying an additional 1,200 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.