Cleveland-Cliffs (NYSE:CLF) Given New $10.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan cut Cleveland-Cliffs’ price target to $10 from $13 while keeping a neutral rating, implying only about 2.3% upside from the prior close.
• Broader analyst sentiment remains cautious: the stock carries an average “Reduce” rating and a consensus target price of $11.50, with most analysts rating it Hold.
• Cleveland-Cliffs was trading around $9.78 and recently reported quarterly earnings of -$0.40 per share, beating estimates but still posting negative margins and profitability metrics.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its target price dropped by research analysts at JPMorgan Chase & Co. from $13.00 to $10.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 2.30% from the stock's previous close.

A number of other analysts have also recently weighed in on the stock. Morgan Stanley restated an "equal weight" rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Glj Research upgraded shares of Cleveland-Cliffs from a "sell" rating to a "hold" rating and boosted their price objective for the stock from $9.03 to $15.01 in a research note on Tuesday, June 9th. Argus raised shares of Cleveland-Cliffs to a "hold" rating in a research report on Monday, April 6th. The Goldman Sachs Group restated a "neutral" rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Finally, KeyCorp started coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They issued a "sector weight" rating on the stock. Nine equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Cleveland-Cliffs currently has an average rating of "Reduce" and a consensus target price of $11.50.

Cleveland-Cliffs Trading Up 0.7%

Shares of NYSE:CLF opened at $9.78 on Wednesday. The company has a market capitalization of $5.58 billion, a PE ratio of -4.18 and a beta of 2.13. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs has a 12-month low of $7.73 and a 12-month high of $16.70. The business's fifty day simple moving average is $11.44 and its 200-day simple moving average is $11.22.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, topping analysts' consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The firm had revenue of $4.92 billion during the quarter, compared to analysts' expectations of $4.84 billion. During the same period in the prior year, the business posted ($0.92) EPS. The firm's quarterly revenue was up 6.3% on a year-over-year basis. As a group, equities research analysts predict that Cleveland-Cliffs will post -0.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.95% of the company's stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Large investors have recently bought and sold shares of the company. Focus Partners Wealth acquired a new stake in Cleveland-Cliffs during the 1st quarter valued at approximately $339,000. Prudential Financial Inc. raised its holdings in shares of Cleveland-Cliffs by 27.4% during the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company's stock worth $380,000 after purchasing an additional 10,733 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company's stock valued at $1,088,000 after purchasing an additional 6,073 shares during the period. CW Advisors LLC lifted its position in Cleveland-Cliffs by 47.4% during the second quarter. CW Advisors LLC now owns 22,167 shares of the mining company's stock valued at $168,000 after purchasing an additional 7,127 shares during the period. Finally, Invesco Ltd. boosted its holdings in Cleveland-Cliffs by 20.3% in the second quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company's stock valued at $23,417,000 after purchasing an additional 520,120 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.