Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $28.35 at UBS Group

Cleveland-Cliffs (NYSE:CLF) had its target price raised by UBS Group from $22.09 to $28.35 in a report released on Thursday morning, The Fly reports. UBS Group currently has a buy rating on the mining company’s stock.

A number of other research firms have also weighed in on CLF. Bank of America initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, May 17th. They set a buy rating and a $25.00 price target on the stock. B. Riley raised their price target on shares of Cleveland-Cliffs from $22.00 to $24.00 and gave the company a buy rating in a research report on Monday, April 26th. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research report on Friday, April 9th. They issued a neutral rating and a $20.00 price objective on the stock. BNP Paribas reaffirmed a neutral rating and issued a $19.20 price objective on shares of Cleveland-Cliffs in a research report on Monday, April 26th. Finally, Credit Suisse Group raised shares of Cleveland-Cliffs from a neutral rating to an outperform rating and lifted their price objective for the stock from $21.00 to $24.00 in a research report on Tuesday, May 4th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $22.07.

Shares of NYSE CLF opened at $22.96 on Thursday. The firm has a market capitalization of $11.47 billion, a PE ratio of -191.33, a P/E/G ratio of 0.16 and a beta of 2.29. The firm’s 50-day simple moving average is $19.18. Cleveland-Cliffs has a 1 year low of $4.92 and a 1 year high of $24.77. The company has a debt-to-equity ratio of 2.11, a current ratio of 2.00 and a quick ratio of 0.66.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Wednesday, April 21st. The mining company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.14). Cleveland-Cliffs had a negative net margin of 0.32% and a positive return on equity of 10.98%. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the previous year, the business earned ($0.18) earnings per share. The firm’s revenue for the quarter was up 1014.2% on a year-over-year basis. On average, research analysts forecast that Cleveland-Cliffs will post 4.45 EPS for the current year.

In other news, Director Susan Miranda Green sold 18,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $20.39, for a total value of $367,020.00. Following the sale, the director now owns 91,082 shares of the company’s stock, valued at $1,857,161.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.34% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Advisory Services Network LLC grew its stake in Cleveland-Cliffs by 2.0% during the first quarter. Advisory Services Network LLC now owns 35,499 shares of the mining company’s stock valued at $714,000 after acquiring an additional 700 shares in the last quarter. Advisor Partners LLC grew its stake in Cleveland-Cliffs by 8.7% during the first quarter. Advisor Partners LLC now owns 19,404 shares of the mining company’s stock valued at $390,000 after acquiring an additional 1,550 shares in the last quarter. Axiom Investment Management LLC purchased a new position in Cleveland-Cliffs during the first quarter valued at approximately $214,000. Virtu Financial LLC purchased a new position in Cleveland-Cliffs during the first quarter valued at approximately $24,244,000. Finally, Diametric Capital LP purchased a new position in Cleveland-Cliffs during the first quarter valued at approximately $206,000. 64.42% of the stock is owned by institutional investors.

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.

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