Cleveland-Cliffs (NYSE:CLF) Price Target Lowered to $11.00 at Citigroup

Cleveland-Cliffs (NYSE:CLF) had its price objective lowered by stock analysts at Citigroup from $12.50 to $11.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the mining company’s stock. Citigroup’s target price suggests a potential upside of 17.27% from the company’s previous close.

Several other research analysts have also recently commented on CLF. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.22.

Cleveland-Cliffs Price Performance

CLF stock opened at $9.38 on Thursday. The stock has a 50-day moving average price of $12.30 and a two-hundred day moving average price of $13.35. Cleveland-Cliffs has a 1 year low of $9.13 and a 1 year high of $22.97. The stock has a market cap of $4.63 billion, a PE ratio of -9.67 and a beta of 1.92. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period in the prior year, the business posted $0.54 EPS. The firm’s quarterly revenue was down 18.5% compared to the same quarter last year. Equities analysts forecast that Cleveland-Cliffs will post -0.45 EPS for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds have recently made changes to their positions in CLF. Strengthening Families & Communities LLC raised its stake in Cleveland-Cliffs by 299.8% 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 1,490 shares during the period. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at $26,000. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs in the third quarter valued at about $34,000. Truvestments Capital LLC bought a new position in shares of Cleveland-Cliffs in the third quarter valued at about $34,000. Finally, Blue Trust Inc. lifted its stake in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after buying an additional 2,539 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

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.