Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $11.00 at Wells Fargo & Company

Cleveland-Cliffs (NYSE:CLF) had its target price raised by Wells Fargo & Company from $10.00 to $11.00 in a report released on Monday,Benzinga reports. They currently have an equal weight rating on the mining company’s stock.

CLF has been the subject of several other reports. Glj Research cut Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Morgan Stanley boosted their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their price target on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Finally, Citigroup boosted their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $11.24.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $11.32 on Monday. The stock has a fifty day moving average price of $10.49 and a 200 day moving average price of $8.84. The stock has a market cap of $5.60 billion, a PE ratio of -3.32 and a beta of 1.93. Cleveland-Cliffs has a 1 year low of $5.63 and a 1 year high of $14.34. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.Cleveland-Cliffs’s revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 earnings per share. Sell-side analysts forecast that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Atwood & Palmer Inc. purchased a new stake in Cleveland-Cliffs during the second quarter valued at about $27,000. Trust Co. of Toledo NA OH purchased a new stake in Cleveland-Cliffs during the second quarter valued at about $27,000. Winch Advisory Services LLC grew its position in Cleveland-Cliffs by 131.3% during the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock valued at $31,000 after acquiring an additional 2,310 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Cleveland-Cliffs during the first quarter valued at about $36,000. Finally, Islay Capital Management LLC purchased a new stake in Cleveland-Cliffs during the second quarter valued at about $38,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.