JPMorgan Chase & Co. Has Lowered Expectations for Cleveland-Cliffs (NYSE:CLF) Stock Price

Key Points

• JPMorgan cut its price target on Cleveland‑Cliffs to $10 from $13 while keeping a "neutral" rating, implying roughly a 5.2% upside from current levels.
• Analyst sentiment is mixed but skewed to neutral—MarketBeat shows a consensus Hold rating with a $12.69 average target (2 Buys, 7 Holds, 2 Sells).
• Cleveland‑Cliffs trades around $9.51 after reporting last quarter EPS of ($0.43) that beat estimates but missed on revenue and showed negative margins; insiders also showed mixed activity with a director buying shares and the COO selling a large stake.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $13.00 to $10.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 5.21% from the company's current price.

Other equities analysts also recently issued research reports about the company. Argus upgraded Cleveland-Cliffs to a "hold" rating in a research report on Monday, April 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. Wells Fargo & Company reduced their price objective on shares of Cleveland-Cliffs from $12.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 19th. Citigroup upped their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Monday, February 9th. Finally, Wall Street Zen upgraded Cleveland-Cliffs from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus target price of $12.69.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock traded up $0.17 during trading hours on Tuesday, reaching $9.51. 4,942,926 shares of the company were exchanged, compared to its average volume of 17,936,146. The stock has a 50-day moving average of $9.99 and a 200 day moving average of $11.88. The company has a current ratio of 1.95, a quick ratio of 0.50 and a debt-to-equity ratio of 1.15. Cleveland-Cliffs has a 12 month low of $5.63 and a 12 month high of $16.70. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of -3.26 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.62) by $0.19. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.60 billion. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. Cleveland-Cliffs's quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.68) EPS. As a group, research analysts anticipate that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In other news, Director Edilson Camara bought 19,700 shares of the business's stock in a transaction on Friday, February 13th. The shares were purchased at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the purchase, the director owned 41,983 shares of the company's stock, valued at approximately $425,287.79. The trade was a 88.41% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Clifford T. Smith sold 200,000 shares of the company's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total value of $2,092,000.00. Following the transaction, the chief operating officer directly owned 560,529 shares of the company's stock, valued at approximately $5,863,133.34. This trade represents a 26.30% decrease in their position. The SEC filing for this sale provides additional information. 1.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Strengthening Families & Communities LLC raised its stake in Cleveland-Cliffs by 4,315.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after acquiring an additional 1,942 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Cleveland-Cliffs in the fourth quarter valued at $25,000. IFP Advisors Inc raised its position in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock valued at $29,000 after purchasing an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company's stock worth $33,000 after buying an additional 1,214 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Cleveland-Cliffs by 306.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company's stock worth $33,000 after buying an additional 1,855 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Company Profile

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.

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