B. Riley Analysts Give Cleveland-Cliffs (CLF) a $14.00 Price Target

B. Riley set a $14.00 price objective on Cleveland-Cliffs (NYSE:CLF) in a report published on Thursday morning. The brokerage currently has a buy rating on the mining company’s stock.

Other equities research analysts also recently issued research reports about the company. Citigroup cut their price target on Cleveland-Cliffs from $15.00 to $13.00 and set a buy rating for the company in a report on Monday, December 3rd. ValuEngine downgraded Cleveland-Cliffs from a hold rating to a sell rating in a report on Thursday, November 1st. Vertical Group set a $5.00 target price on Cleveland-Cliffs and gave the stock a sell rating in a report on Tuesday, October 23rd. Zacks Investment Research downgraded Cleveland-Cliffs from a buy rating to a hold rating in a report on Friday, October 5th. Finally, Credit Suisse Group reissued a neutral rating and set a $13.00 target price on shares of Cleveland-Cliffs in a report on Monday, October 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $11.27.

Shares of Cleveland-Cliffs stock opened at $8.01 on Thursday. Cleveland-Cliffs has a 1 year low of $6.30 and a 1 year high of $13.10. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 5.07 and a beta of 1.62.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.02). Cleveland-Cliffs had a net margin of 36.43% and a negative return on equity of 146.72%. The business had revenue of $742.00 million for the quarter, compared to analyst estimates of $736.06 million. During the same period in the prior year, the business earned $0.36 EPS. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities research analysts expect that Cleveland-Cliffs will post 1.95 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has authorized a share buyback program on Monday, November 26th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the mining company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, January 4th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Thursday, January 3rd.

Several institutional investors and hedge funds have recently bought and sold shares of CLF. NEXT Financial Group Inc bought a new position in shares of Cleveland-Cliffs in the third quarter worth $122,000. Edge Wealth Management LLC bought a new position in shares of Cleveland-Cliffs in the third quarter worth $127,000. Summit X LLC bought a new position in shares of Cleveland-Cliffs in the third quarter worth $152,000. Tower Research Capital LLC TRC increased its position in shares of Cleveland-Cliffs by 1,248.2% in the second quarter. Tower Research Capital LLC TRC now owns 11,999 shares of the mining company’s stock worth $101,000 after purchasing an additional 11,109 shares during the period. Finally, Trexquant Investment LP bought a new position in shares of Cleveland-Cliffs in the second quarter worth $131,000. 69.66% of the stock is owned by institutional investors.

About Cleveland-Cliffs

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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