The Goldman Sachs Group Has Lowered Expectations for Cleveland-Cliffs (NYSE:CLF) Stock Price

Cleveland-Cliffs (NYSE:CLF - Free Report) had its price target reduced by The Goldman Sachs Group from $13.00 to $11.25 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the mining company's stock.

A number of other equities research analysts have also weighed in on the company. Morgan Stanley dropped their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. B. Riley restated a "buy" rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Moderate Buy" and a consensus price target of $15.02.

Cleveland-Cliffs Stock Up 2.0%

CLF traded up $0.15 on Monday, hitting $7.58. The company had a trading volume of 21,489,759 shares, compared to its average volume of 15,232,655. The stock has a fifty day moving average price of $8.17 and a 200-day moving average price of $9.95. Cleveland-Cliffs has a 12-month low of $6.17 and a 12-month high of $17.86. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of -7.81 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. During the same quarter last year, the firm earned $0.18 EPS. Cleveland-Cliffs's revenue for the quarter was down 11.0% on a year-over-year basis. Analysts predict that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Jane M. Cronin bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John T. Baldwin bought 4,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. This trade represents a 3.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock valued at $243,095 over the last quarter. 1.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently modified their holdings of CLF. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs in the first quarter valued at approximately $36,000. Estabrook Capital Management lifted its holdings in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares during the period. Byrne Asset Management LLC lifted its holdings in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after acquiring an additional 2,600 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $44,000. Institutional investors and hedge funds 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.