Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $24.00

Cleveland-Cliffs (NYSE:CLF) had its price objective cut by investment analysts at B. Riley from $25.00 to $24.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the mining company’s stock. B. Riley’s price target would indicate a potential upside of 32.89% from the company’s current price.

A number of other equities research analysts have also weighed in on CLF. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. Wolfe Research reiterated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Finally, Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a research report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.58.

Cleveland-Cliffs Trading Up 1.0 %

CLF opened at $18.06 on Tuesday. Cleveland-Cliffs has a 52 week low of $13.61 and a 52 week high of $22.97. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. The business has a fifty day simple moving average of $20.87 and a 200-day simple moving average of $19.05. The firm has a market cap of $8.59 billion, a P/E ratio of 24.41, a P/E/G ratio of 0.66 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.11) earnings per share. On average, equities analysts expect that Cleveland-Cliffs will post 1.56 earnings per share for the current year.

Cleveland-Cliffs declared that its board has authorized a share buyback program on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Susan Miranda Green sold 6,500 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The disclosure for this sale can be found here. Insiders have sold a total of 221,066 shares of company stock valued at $4,464,688 over the last quarter. Insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors and hedge funds have recently made changes to their positions in CLF. Rise Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the period. Anchor Investment Management LLC acquired a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $31,000. Lindbrook Capital LLC grew its stake in Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after buying an additional 716 shares during the period. HighMark Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $35,000. Finally, Hexagon Capital Partners LLC lifted its holdings in shares of Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after acquiring an additional 500 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.