Cleveland-Cliffs (NYSE:CLF) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Cleveland-Cliffs (NYSE:CLF) had its price target raised by research analysts at JPMorgan Chase & Co. from $12.00 to $13.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the mining company’s stock. JPMorgan Chase & Co.’s price target would suggest a potential downside of 3.27% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Monday. Barclays set a $12.00 price objective on shares of Cleveland-Cliffs in a research report on Thursday. Wells Fargo & Company increased their price target on Cleveland-Cliffs from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday. Glj Research raised their price target on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a “buy” rating in a report on Monday, September 21st. Finally, Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus price target of $13.40.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $13.44 on Thursday. The company has a market cap of $7.67 billion, a PE ratio of -15.76, a P/E/G ratio of 5.20 and a beta of 2.09. The company has a fifty day moving average price of $12.11 and a two-hundred day moving average price of $11.37. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.63. Cleveland-Cliffs has a 12 month low of $7.73 and a 12 month high of $15.35.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, October 19th. The mining company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.04. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.69 billion. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The firm’s revenue for the quarter was up 18.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.51) earnings per share. Research analysts expect that Cleveland-Cliffs will post 0.12 earnings per share for the current year.

Institutional Trading of Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in the business. Center for Financial Planning Inc. boosted its position in Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after acquiring an additional 1,805 shares during the period. Johnson Financial Group Inc. bought a new position in shares of Cleveland-Cliffs in the second quarter worth $30,000. Fortitude Family Office LLC increased its holdings in shares of Cleveland-Cliffs by 245.2% during the third quarter. Fortitude Family Office LLC now owns 2,831 shares of the mining company’s stock valued at $31,000 after purchasing an additional 2,011 shares during the period. IFP Advisors Inc increased its holdings in shares of Cleveland-Cliffs by 39.5% during the second quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,453 shares during the period. Finally, Global Retirement Partners LLC bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at about $72,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.