Cleveland-Cliffs Inc. (NYSE:CLF) Receives $19.44 Average Price Target from Brokerages

Cleveland-Cliffs Inc. (NYSE:CLFGet Free Report) has earned an average recommendation of “Hold” from the ten brokerages that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $19.44.

CLF has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Cleveland-Cliffs in a research note on Monday, May 20th. They set a “buy” rating and a $22.00 price target for the company. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Tuesday, June 11th. Citigroup lowered 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 note on Wednesday, March 13th. Wolfe Research restated an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Finally, B. Riley restated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th.

Read Our Latest Stock Report on CLF

Cleveland-Cliffs Stock Up 1.4 %

Cleveland-Cliffs stock opened at $15.40 on Thursday. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. Cleveland-Cliffs has a 12-month low of $13.84 and a 12-month high of $22.97. The firm’s fifty day moving average is $16.22 and its 200 day moving average is $18.73. The company has a market capitalization of $7.32 billion, a PE ratio of 20.81, a PEG ratio of 1.04 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last released its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same quarter in the previous year, the firm earned ($0.11) EPS. The firm’s revenue was down 1.8% on a year-over-year basis. As a group, sell-side analysts predict that Cleveland-Cliffs will post 0.34 EPS for the current fiscal year.

Cleveland-Cliffs announced that its board has initiated a stock buyback program on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Cleveland-Cliffs

In related news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, June 12th. The stock was bought at an average price of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the transaction, the chief financial officer now owns 314,362 shares in the company, valued at $4,709,142.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Lourenco Goncalves purchased 60,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The stock was bought at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the transaction, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were acquired at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the acquisition, the chief financial officer now owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 98,950 shares of company stock worth $1,639,638. 1.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently added to or reduced their stakes in the business. Rise Advisors LLC lifted its holdings in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares during the last quarter. Anchor Investment Management LLC purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at about $31,000. Lindbrook Capital LLC lifted its holdings in Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after purchasing an additional 716 shares during the last quarter. HighMark Wealth Management LLC purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at about $35,000. Finally, Hexagon Capital Partners LLC lifted its holdings in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

(Get Free Report

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.

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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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