Cleveland-Cliffs (NYSE:CLF) Given "Neutral" Rating at JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLF - Get Free Report)'s stock had its "neutral" rating restated by research analysts at JPMorgan Chase & Co. in a research report issued on Monday,Benzinga reports. They currently have a $7.50 target price on the mining company's stock. JPMorgan Chase & Co.'s price target would suggest a potential downside of 17.94% from the company's current price.

A number of other equities analysts have also weighed in on CLF. The Goldman Sachs Group dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Glj Research downgraded 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. Morgan Stanley increased their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research note on Friday, June 20th. Finally, B. Riley restated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $9.78.

Cleveland-Cliffs Stock Performance

NYSE CLF traded up $0.07 on Monday, hitting $9.14. 21,156,569 shares of the company traded hands, compared to its average volume of 19,604,291. The business's 50 day moving average price is $7.59 and its 200-day moving average price is $8.78. Cleveland-Cliffs has a 52-week low of $5.63 and a 52-week high of $16.09. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of -3.75 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The firm's quarterly revenue was down 11.0% compared to the same quarter last year. During the same period last year, the business earned $0.18 EPS. Equities analysts expect that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was 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 owned 492,249 shares in the company, valued at $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 SEC, which is available at the SEC website. 1.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors have recently added to or reduced their stakes in the company. Fairfax Financial Holdings Ltd. Can bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $55,453,000. Norges Bank bought a new position in Cleveland-Cliffs during the fourth quarter valued at $45,381,000. Slate Path Capital LP grew its stake in shares of Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Woodline Partners LP purchased a new position in shares of Cleveland-Cliffs in the 1st quarter worth $22,696,000. Finally, Vanguard Group Inc. increased its holdings in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after buying an additional 2,556,332 shares during the last quarter. Hedge funds and other 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.