Cleveland-Cliffs (NYSE:CLF) had its price target upped by equities research analysts at KeyCorp from $14.00 to $17.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the mining company's stock. KeyCorp's target price points to a potential upside of 22.74% from the company's previous close.
Other equities research analysts also recently issued reports about the company. Zacks Investment Research upgraded Cleveland-Cliffs from a "hold" rating to a "buy" rating and set a $12.00 price objective on the stock in a research report on Thursday, November 26th. Credit Suisse Group boosted their target price on shares of Cleveland-Cliffs from $4.75 to $5.25 and gave the company a "neutral" rating in a research note on Wednesday, September 16th. B. Riley raised their price target on shares of Cleveland-Cliffs from $13.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, December 10th. Finally, ValuEngine cut shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research report on Tuesday, December 1st. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of "Buy" and a consensus target price of $9.53.
NYSE CLF opened at $13.85 on Tuesday. The company has a debt-to-equity ratio of 3.84, a quick ratio of 0.69 and a current ratio of 2.17. The company has a market capitalization of $5.53 billion, a P/E ratio of -49.46 and a beta of 2.27. Cleveland-Cliffs has a one year low of $2.63 and a one year high of $14.16. The stock has a 50 day moving average price of $10.77 and a 200-day moving average price of $7.46.
Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Friday, October 23rd. The mining company reported ($0.02) earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of ($0.10) by $0.08. Cleveland-Cliffs had a negative net margin of 3.38% and a negative return on equity of 2.69%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the firm earned $0.33 earnings per share. Cleveland-Cliffs's revenue was up 196.3% on a year-over-year basis. As a group, equities analysts predict that Cleveland-Cliffs will post -0.31 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in CLF. MUFG Securities EMEA plc acquired a new stake in Cleveland-Cliffs in the third quarter worth about $7,240,000. Fisher Asset Management LLC grew its position in Cleveland-Cliffs by 35.6% during the 3rd quarter. Fisher Asset Management LLC now owns 17,378,287 shares of the mining company's stock worth $111,569,000 after purchasing an additional 4,561,536 shares during the last quarter. Victory Capital Management Inc. increased its stake in Cleveland-Cliffs by 112.8% during the 2nd quarter. Victory Capital Management Inc. now owns 2,897,552 shares of the mining company's stock valued at $15,994,000 after purchasing an additional 1,535,996 shares in the last quarter. Macquarie Group Ltd. raised its holdings in shares of Cleveland-Cliffs by 856.3% in the second quarter. Macquarie Group Ltd. now owns 1,657,173 shares of the mining company's stock worth $9,147,000 after buying an additional 1,483,881 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Cleveland-Cliffs by 30.2% during the second quarter. Principal Financial Group Inc. now owns 5,765,973 shares of the mining company's stock worth $31,829,000 after buying an additional 1,336,842 shares during the period. Institutional investors own 61.90% of the company's stock.
Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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