Cleveland-Cliffs (NYSE:CLF) Given New $11.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised Cleveland-Cliffs' price target from $10.00 to $11.00, maintaining an "equal weight" rating despite a potential downside of 5.90% from the stock's current price.
• Multiple analysts are issuing mixed ratings on Cleveland-Cliffs, with targets ranging from a low of $3.91 to a high of $14.00, indicating varied sentiment among investors.
• Cleveland-Cliffs reported negative earnings of ($0.50) per share for the last quarter, surpassing analyst expectations, and experienced a 7.5% increase in revenue compared to the previous year.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price objective upped by equities researchers at Wells Fargo & Company from $10.00 to $11.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the mining company's stock. Wells Fargo & Company's price target would indicate a potential downside of 4.31% from the company's previous close.

CLF has been the subject of a number of other research reports. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a research note on Tuesday, July 22nd. Citigroup raised their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Morgan Stanley raised their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Glj Research cut 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. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $11.24.

Cleveland-Cliffs Stock Performance

NYSE CLF traded up $0.07 on Monday, reaching $11.50. The stock had a trading volume of 11,569,790 shares, compared to its average volume of 24,301,828. The company has a market cap of $5.69 billion, a P/E ratio of -3.38 and a beta of 1.93. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $14.34. 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 firm has a fifty day moving average of $10.52 and a two-hundred day moving average of $8.84.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same period last year, the company earned $0.11 earnings per share. The business's quarterly revenue was up 7.5% on a year-over-year basis. On average, equities research analysts anticipate that Cleveland-Cliffs will post -0.79 EPS for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently bought and sold shares of CLF. Atwood & Palmer Inc. purchased a new position in Cleveland-Cliffs during the second quarter valued at $27,000. Trust Co. of Toledo NA OH bought a new stake in Cleveland-Cliffs during the second quarter valued at about $27,000. Winch Advisory Services LLC raised its holdings in Cleveland-Cliffs by 131.3% during the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company's stock valued at $31,000 after acquiring an additional 2,310 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Cleveland-Cliffs during the first quarter valued at about $36,000. Finally, Islay Capital Management LLC bought a new stake in shares of Cleveland-Cliffs in the second quarter worth about $38,000. 67.68% of the stock is currently owned by hedge funds and other 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.