Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $12.00 at Wells Fargo & Company

Cleveland-Cliffs (NYSE:CLF) had its price target increased by stock analysts at Wells Fargo & Company from $11.00 to $12.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the mining company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 1.30% from the stock’s previous close.

A number of other brokerages also recently weighed in on CLF. JPMorgan Chase & Co. decreased their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, July 15th. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price objective for the company from $15.01 to $15.60 in a research report on Friday, July 24th. Finally, Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.96.

Cleveland-Cliffs Stock Up 5.1%

Shares of NYSE:CLF traded up $0.58 during midday trading on Monday, reaching $11.85. The company’s stock had a trading volume of 6,880,558 shares, compared to its average volume of 19,277,988. The firm has a 50 day moving average of $11.02 and a 200-day moving average of $10.75. The firm has a market capitalization of $6.76 billion, a P/E ratio of -7.36 and a beta of 2.09. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs has a 12-month low of $7.73 and a 12-month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same period last year, the business earned ($0.50) EPS. Cleveland-Cliffs’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, research analysts anticipate that Cleveland-Cliffs will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $522,766,000. Vanguard Group Inc. boosted its stake in Cleveland-Cliffs by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after purchasing an additional 6,447,462 shares during the last quarter. State Street Corp boosted its stake in Cleveland-Cliffs by 14.2% during the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after purchasing an additional 3,632,150 shares during the last quarter. Castle Hook Partners LP increased its holdings in shares of Cleveland-Cliffs by 572.4% in the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after purchasing an additional 15,393,507 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Cleveland-Cliffs by 6.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock worth $130,873,000 after purchasing an additional 925,031 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.