Cleveland-Cliffs (NYSE:CLF) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Cleveland-Cliffs (NYSE:CLF - Free Report) had its price objective upped by JPMorgan Chase & Co. from $7.50 to $10.00 in a research note published on Thursday,Benzinga reports. They currently have a neutral rating on the mining company's stock.

Several other research analysts have also recently issued reports on CLF. 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. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price for the company in a report on Tuesday, July 22nd. Citigroup lifted their target price 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. The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, B. Riley reaffirmed a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $11.09.

Cleveland-Cliffs Stock Down 1.7%

NYSE:CLF traded down $0.20 during mid-day trading on Thursday, hitting $11.24. 32,457,598 shares of the company's stock were exchanged, compared to its average volume of 26,017,619. Cleveland-Cliffs has a one year low of $5.63 and a one year high of $15.71. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The business has a fifty day moving average price of $8.06 and a 200 day moving average price of $8.83. The company has a market cap of $5.56 billion, a PE ratio of -3.30 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted 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 9.03% and a negative return on equity of 17.97%. The business had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the firm posted $0.11 earnings per share. Cleveland-Cliffs's quarterly revenue was up 7.5% on a year-over-year basis. Equities analysts predict that Cleveland-Cliffs will post -0.79 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the business'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 transaction of $822,000.00. Following the completion of the transaction, the executive vice president directly owned 492,249 shares of the company's stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Slate Path Capital LP raised its position in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the period. Vanguard Group Inc. raised its position in Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after acquiring an additional 2,556,332 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock worth $12,209,000 after acquiring an additional 242,386 shares during the period. Twelve Points Wealth Management LLC raised its position in Cleveland-Cliffs by 51.7% in the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock worth $1,854,000 after acquiring an additional 76,827 shares during the period. Finally, Wexford Capital LP raised its position in Cleveland-Cliffs by 1,212.0% in the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock worth $9,578,000 after acquiring an additional 941,284 shares during the period. 67.68% of the stock is currently owned by institutional investors.

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.