Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $10.50

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price target increased by research analysts at Morgan Stanley from $8.00 to $10.50 in a report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the mining company's stock. Morgan Stanley's price objective points to a potential downside of 7.67% from the stock's current price.

A number of other brokerages also recently commented on CLF. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a research report on Tuesday. B. Riley reaffirmed a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group dropped 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 report on Monday, May 12th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $7.50 target price on shares of Cleveland-Cliffs in a research report on Monday, July 14th. Finally, Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $10.74.

Cleveland-Cliffs Trading Up 6.7%

NYSE:CLF traded up $0.71 on Tuesday, hitting $11.37. The stock had a trading volume of 30,793,110 shares, compared to its average volume of 20,043,692. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of -4.66 and a beta of 1.91. The company has a fifty day moving average price of $7.70 and a two-hundred day moving average price of $8.78. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $16.00.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period in the prior year, the business posted $0.11 EPS. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president owned 492,249 shares in the company, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.71% of the company's stock.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds have recently made changes to their positions in CLF. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $25,000. Atwood & Palmer Inc. acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cleveland-Cliffs in the first quarter worth $36,000. Estabrook Capital Management grew its stake in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after acquiring an additional 2,700 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after acquiring an additional 1,664 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

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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