Cleveland-Cliffs (NYSE:CLF) Price Target Raised to $13.00 at JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLF) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $9.00 to $13.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the mining company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 1.53% from the company’s current price.

Several other research analysts also recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. Argus raised Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. KeyCorp began coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They set a “sector weight” rating on the stock. Wall Street Zen raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Barclays initiated coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price on the stock. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Reduce” and an average target price of $12.85.

Cleveland-Cliffs Trading Up 0.7%

NYSE CLF traded up $0.08 during trading hours on Wednesday, hitting $12.80. 3,297,810 shares of the company were exchanged, compared to its average volume of 18,197,941. The stock has a market cap of $7.30 billion, a PE ratio of -5.47 and a beta of 2.09. Cleveland-Cliffs has a 52 week low of $6.72 and a 52 week high of $16.70. The stock has a 50-day moving average price of $10.65 and a 200 day moving average price of $11.53. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same period in the prior year, the firm posted ($0.92) EPS. The firm’s revenue was up 6.3% compared to the same quarter last year. Analysts forecast that Cleveland-Cliffs will post -0.46 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Cleveland-Cliffs by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the last quarter. State Street Corp raised its holdings in Cleveland-Cliffs by 14.2% in the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after acquiring an additional 3,632,150 shares during the last quarter. Castle Hook Partners LP boosted its holdings in shares of Cleveland-Cliffs by 572.4% during 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 during the last quarter. Dimensional Fund Advisors LP lifted its position in Cleveland-Cliffs by 6.4% during the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock worth $130,873,000 after buying an additional 925,031 shares in the last quarter. Finally, Maple Rock Capital Partners Inc. raised its holdings in shares of Cleveland-Cliffs by 90.1% during the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after acquiring an additional 5,855,830 shares during the period. Institutional investors and hedge funds 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.