JPMorgan Chase & Co. Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $23.00

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its target price lowered by analysts at JPMorgan Chase & Co. from $24.00 to $23.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the mining company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 25.55% from the company's current price.

Several other research analysts have also weighed in on the stock. BNP Paribas lowered shares of Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 price objective on the stock. in a research note on Wednesday, February 28th. Morgan Stanley restated an "equal weight" rating and set a $20.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Wolfe Research reaffirmed an "underperform" rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. TheStreet downgraded shares of Cleveland-Cliffs from a "b-" rating to a "c" rating in a report on Tuesday, January 30th. Finally, Argus downgraded shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a report on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $20.75.

Cleveland-Cliffs Trading Down 1.2 %

Shares of NYSE:CLF traded down $0.23 during mid-day trading on Wednesday, hitting $18.32. The stock had a trading volume of 14,385,856 shares, compared to its average volume of 8,757,485. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. The company has a market cap of $8.71 billion, a PE ratio of 24.76, a P/E/G ratio of 0.72 and a beta of 2.03. Cleveland-Cliffs has a 12-month low of $13.61 and a 12-month high of $22.97. The company's 50 day moving average is $20.97 and its 200-day moving average is $19.00.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Tuesday, April 23rd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.50%. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.11) EPS. On average, sell-side analysts predict that Cleveland-Cliffs will post 1.66 EPS for the current year.

Insider Buying and Selling

In related news, Director Ron A. Bloom acquired 25,000 shares of the stock in a transaction on Thursday, February 1st. The stock was purchased at an average price of $20.24 per share, for a total transaction of $506,000.00. Following the transaction, the director now owns 27,221 shares of the company's stock, valued at approximately $550,953.04. The acquisition was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Terry G. Fedor sold 27,430 shares of the firm's stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the transaction, the executive vice president now owns 534,617 shares of the company's stock, valued at approximately $10,793,917.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ron A. Bloom bought 25,000 shares of Cleveland-Cliffs stock in a transaction dated Thursday, February 1st. The stock was acquired at an average cost of $20.24 per share, for a total transaction of $506,000.00. Following the purchase, the director now directly owns 27,221 shares in the company, valued at approximately $550,953.04. The disclosure for this purchase can be found here. Insiders sold 221,066 shares of company stock worth $4,464,688 in the last quarter. 1.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rise Advisors LLC boosted its stake in Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company's stock worth $34,000 after acquiring an additional 1,429 shares during the last quarter. Anchor Investment Management LLC bought a new position in Cleveland-Cliffs during the 4th quarter worth approximately $31,000. Lindbrook Capital LLC boosted its stake in Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company's stock worth $32,000 after acquiring an additional 716 shares during the last quarter. HighMark Wealth Management LLC bought a new position in Cleveland-Cliffs during the 4th quarter worth approximately $35,000. Finally, Hexagon Capital Partners LLC lifted its stake in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company's stock valued at $39,000 after buying an additional 500 shares in the last quarter. 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.