Cleveland-Cliffs (NYSE:CLF) PT Lowered to $23.00 at JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLF) had its price target decreased by JPMorgan Chase & Co. from $24.00 to $23.00 in a research note issued to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the mining company’s stock.

Other analysts have also issued reports about the company. TheStreet lowered Cleveland-Cliffs from a b- rating to a c rating in a report on Tuesday, January 30th. Argus downgraded Cleveland-Cliffs from a buy rating to a hold rating in a research report on Thursday, February 8th. StockNews.com raised Cleveland-Cliffs from a hold rating to a buy rating in a research report on Thursday, April 18th. BNP Paribas downgraded Cleveland-Cliffs from a neutral rating to an underperform rating and set a $16.50 target price for the company. in a research report on Wednesday, February 28th. Finally, Citigroup downgraded Cleveland-Cliffs from a buy rating to a neutral rating and set a $22.00 target price for the company. in a research report on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $20.75.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $17.88 on Wednesday. The business’s fifty day simple moving average is $20.91 and its 200 day simple moving average is $18.99. The firm has a market capitalization of $8.50 billion, a P/E ratio of 24.16, a price-to-earnings-growth ratio of 0.64 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 has a current ratio of 1.90, a quick ratio of 0.62 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.11) earnings per share. As a group, analysts anticipate that Cleveland-Cliffs will post 1.66 EPS for the current year.

Cleveland-Cliffs declared that its board has approved a stock buyback program on Monday, April 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the mining company to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Arlene M. Yocum bought 2,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders sold a total of 221,066 shares of company stock worth $4,464,688 over the last ninety days. 1.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLF. Exchange Traded Concepts LLC bought a new stake in Cleveland-Cliffs during the third quarter worth about $29,000. Anchor Investment Management LLC bought a new stake in Cleveland-Cliffs during the fourth quarter worth about $31,000. Lindbrook Capital LLC lifted its stake in Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares during the last quarter. Rise Advisors LLC lifted its stake in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the last quarter. Finally, HighMark Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $35,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.