Cleveland-Cliffs (NYSE:CLF) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Cleveland-Cliffs (NYSE:CLF) had its price objective hoisted by investment analysts at Wells Fargo & Company from $10.00 to $11.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the mining company’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 5.90% from the stock’s current price.

Several other research analysts also recently weighed in on the company. Morgan Stanley boosted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. KeyCorp upgraded Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target on the stock in a research note on Tuesday, July 22nd. Glj Research downgraded Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target on the stock. in a research note on Wednesday, May 28th. Citigroup boosted their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. boosted their price target on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $11.08.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $11.69 on Monday. Cleveland-Cliffs has a 52-week low of $5.63 and a 52-week high of $14.34. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. The firm has a market capitalization of $5.78 billion, a P/E ratio of -3.43 and a beta of 1.93. The stock has a 50 day moving average price of $10.31 and a 200 day moving average price of $8.79.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.18. The firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.Cleveland-Cliffs’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company earned $0.11 EPS. As a group, sell-side analysts predict that Cleveland-Cliffs will post -0.79 earnings per share for the current year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently made changes to their positions in the company. Atwood & Palmer Inc. purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth approximately $27,000. Trust Co. of Toledo NA OH purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth approximately $27,000. Winch Advisory Services LLC increased its position in shares of Cleveland-Cliffs by 131.3% during the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock worth $31,000 after purchasing an additional 2,310 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Cleveland-Cliffs during the first quarter worth approximately $36,000. Finally, Islay Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs in the second quarter valued at approximately $38,000. 67.68% of the stock is 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.