Glj Research Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $9.42

Cleveland-Cliffs (NYSE:CLF) had its target price decreased by Glj Research from $9.52 to $9.42 in a report issued on Tuesday morning, MarketBeat Ratings reports. Glj Research currently has a sell rating on the mining company’s stock.

Other equities analysts have also issued reports about the stock. The Goldman Sachs Group reiterated a “buy” rating and set a $15.00 target price on shares of Cleveland-Cliffs in a research report on Monday. Citigroup boosted their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday. JPMorgan Chase & Co. upped their price objective on Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. Finally, Wells Fargo & Company upgraded Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $11.00 to $12.00 in a research report on Friday, November 14th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $13.89.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $10.77 on Tuesday. The business’s fifty day moving average is $13.40 and its two-hundred day moving average is $12.26. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.61 and a current ratio of 1.95. The firm has a market cap of $6.14 billion, a P/E ratio of -3.69 and a beta of 1.93. Cleveland-Cliffs has a 52 week low of $5.63 and a 52 week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.68) earnings per share. Equities research analysts forecast that Cleveland-Cliffs will post -0.79 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, CEO Lourenco Goncalves sold 3,000,000 shares of Cleveland-Cliffs stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total transaction of $37,260,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.71% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after acquiring an additional 6,447,462 shares during the last quarter. State Street Corp grew its holdings in Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the period. Geode Capital Management LLC increased its stake in Cleveland-Cliffs by 14.7% in the fourth quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock valued at $133,372,000 after purchasing an additional 1,286,042 shares in the last quarter. Maple Rock Capital Partners Inc. bought a new stake in Cleveland-Cliffs in the second quarter valued at approximately $63,731,000. Finally, Citigroup Inc. raised its holdings in Cleveland-Cliffs by 17.5% in the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock worth $97,733,000 after purchasing an additional 1,195,035 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.