Brokerages Set Cleveland-Cliffs Inc. (NYSE:CLF) Price Target at $10.23

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) has been assigned a consensus rating of "Hold" from the seven brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $9.78.

CLF has been the subject of a number of research reports. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. B. Riley reissued a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. The Goldman Sachs Group lowered their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $7.50 price target on shares of Cleveland-Cliffs in a research note on Monday. Finally, Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research note on Friday, June 20th.

Cleveland-Cliffs Trading Up 2.8%

Shares of NYSE:CLF traded up $0.26 during mid-day trading on Monday, reaching $9.40. The stock had a trading volume of 23,396,706 shares, compared to its average volume of 19,689,963. The firm has a market cap of $4.65 billion, a PE ratio of -3.85 and a beta of 1.91. The firm has a 50 day simple moving average of $7.65 and a two-hundred day simple moving average of $8.79. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs has a twelve month low of $5.63 and a twelve month high of $16.00.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced 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 net margin of 6.35% and a negative return on equity of 12.84%. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The business's revenue was down 11.0% on a year-over-year basis. On average, research analysts predict that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the 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 completion of the sale, the executive vice president owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.71% of the company's stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Several large investors have recently made changes to their positions in the stock. Twelve Points Wealth Management LLC boosted its holdings in shares of Cleveland-Cliffs by 15.1% in the 2nd quarter. Twelve Points Wealth Management LLC now owns 259,463 shares of the mining company's stock valued at $1,972,000 after buying an additional 33,964 shares during the last quarter. Brave Asset Management Inc. bought a new position in Cleveland-Cliffs during the second quarter worth $171,000. Kerntke Otto McGlone Wealth Management Group boosted its position in Cleveland-Cliffs by 13.9% during the second quarter. Kerntke Otto McGlone Wealth Management Group now owns 48,925 shares of the mining company's stock worth $372,000 after purchasing an additional 5,961 shares during the period. Register Financial Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 8.6% in the second quarter. Register Financial Advisors LLC now owns 37,725 shares of the mining company's stock valued at $287,000 after purchasing an additional 3,000 shares during the last quarter. Finally, TB Alternative Assets Ltd. acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at $2,538,000. Institutional investors and hedge funds 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.