Cleveland-Cliffs Inc. (NYSE:CLF) Receives $10.96 Average Target Price from Brokerages

Key Points

• Analysts have given Cleveland-Cliffs Inc. a consensus recommendation of "Hold", with one sell rating, four hold ratings, and three buy ratings.
• KeyCorp raised its price target for Cleveland-Cliffs from a "sector weight" to "overweight" with a new target of $14.00, while several other brokerages adjusted their target prices in recent reports.
• The company's recent earnings report revealed an EPS of ($0.50), beatting expectations, and a revenue increase of 7.5% year-over-year despite a negative net margin.

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) have been given an average recommendation of "Hold" by the eight analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $10.9575.

A number of analysts recently commented on CLF shares. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company raised shares of Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Citigroup raised their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors have recently made changes to their positions in the company. State Street Corp boosted its position in shares of Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company's stock valued at $208,623,000 after acquiring an additional 4,603,807 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new position in shares of Cleveland-Cliffs in the second quarter valued at $63,731,000. BNP Paribas Financial Markets boosted its stake in Cleveland-Cliffs by 200.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company's stock worth $48,104,000 after buying an additional 4,222,528 shares during the last quarter. Fairfax Financial Holdings Ltd. Can acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at about $55,453,000. Finally, Norges Bank acquired a new position in Cleveland-Cliffs during the 2nd quarter worth approximately $44,120,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 0.0%

Shares of CLF stock traded up $0.01 during mid-day trading on Tuesday, hitting $10.46. 13,243,233 shares of the company's stock were exchanged, compared to its average volume of 15,633,749. The stock has a 50-day simple moving average of $9.88 and a two-hundred day simple moving average of $8.83. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of -3.07 and a beta of 1.93. Cleveland-Cliffs has a fifty-two week low of $5.63 and a fifty-two week high of $14.34. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The company had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.Cleveland-Cliffs's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.11 earnings per share. Equities analysts expect that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

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.