Cleveland-Cliffs (NYSE:CLF) Given New $13.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised its price target for Cleveland-Cliffs from $10.00 to $13.00, maintaining a "neutral" rating on the stock, which indicates a potential downside of 3.68% from its current price.
• Consensus among analysts shows a "Hold" rating for Cleveland-Cliffs, with a consensus target price of $11.93 after various price adjustments from firms like Citigroup and KeyCorp.
• Cleveland-Cliffs reported a quarterly earnings loss of ($0.50) EPS, which beat analysts' estimates, with a revenue of $4.93 billion marking a 7.5% year-over-year increase.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price objective upped by stock analysts at JPMorgan Chase & Co. from $10.00 to $13.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s price target would suggest a potential downside of 3.68% from the stock's current price.

Other analysts have also recently issued reports about the company. Morgan Stanley upped their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Weiss Ratings restated a "sell (d)" rating on shares of Cleveland-Cliffs in a report on Wednesday, October 8th. Citigroup increased their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a report on Tuesday, July 22nd. Finally, Bank of America increased their price target on Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a "neutral" rating in a report on Monday, September 15th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus target price of $11.93.

Cleveland-Cliffs Price Performance

CLF stock traded up $0.32 during midday trading on Monday, reaching $13.50. The company had a trading volume of 1,022,672 shares, compared to its average volume of 24,728,363. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of -3.97 and a beta of 1.96. The stock has a 50 day moving average price of $11.23 and a 200-day moving average price of $9.17. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $14.51. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly 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 business 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 revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Equities research analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Trust Co. of Toledo NA OH bought a new position in Cleveland-Cliffs in the 2nd quarter valued at $27,000. Atwood & Palmer Inc. bought a new position in shares of Cleveland-Cliffs during the 2nd quarter worth $27,000. Winch Advisory Services LLC grew its stake in shares of Cleveland-Cliffs by 131.3% during the 2nd quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company's stock worth $31,000 after acquiring an additional 2,310 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Cleveland-Cliffs during the 1st quarter worth $36,000. Finally, Islay Capital Management LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter worth $38,000. Institutional investors 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.

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