Cleveland-Cliffs (NYSE:CLF) Stock Price Target Raised at Citigroup

Cleveland-Cliffs (NYSE:CLF) had its price objective increased by equities research analysts at Citigroup from $12.00 to $14.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the mining company’s stock. Citigroup‘s price objective would indicate a potential downside of 1.55% from the stock’s current price.

Several other equities analysts also recently issued reports on CLF. Wall Street Zen upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research report on Saturday, October 24th. Wells Fargo & Company lifted their price objective on shares of Cleveland-Cliffs from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, October 20th. JPMorgan Chase & Co. increased their target price on shares of Cleveland-Cliffs from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, October 22nd. Bank of America dropped their price target on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Finally, Morgan Stanley upped their price target on shares of Cleveland-Cliffs from $12.50 to $14.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 20th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.18.

Cleveland-Cliffs Stock Performance

Shares of CLF stock traded down $0.04 during trading hours on Friday, reaching $14.22. The stock had a trading volume of 14,689,514 shares, compared to its average volume of 19,202,174. The firm has a market capitalization of $8.11 billion, a PE ratio of -16.73, a price-to-earnings-growth ratio of 5.09 and a beta of 2.09. The firm has a 50-day simple moving average of $12.32 and a 200-day simple moving average of $11.40. Cleveland-Cliffs has a twelve month low of $7.73 and a twelve month high of $15.35. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, October 19th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.69 billion. During the same period in the previous year, the business posted ($0.51) EPS. Cleveland-Cliffs’s revenue was up 18.5% on a year-over-year basis. As a group, equities analysts forecast that Cleveland-Cliffs will post 0.13 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In related news, Director Edilson Camara acquired 7,400 shares of the stock in a transaction dated Thursday, October 22nd. The shares were acquired at an average price of $13.49 per share, for a total transaction of $99,826.00. Following the completion of the purchase, the director owned 64,717 shares in the company, valued at approximately $873,032.33. The trade was a 12.91% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.95% of the stock is currently owned by company insiders.

Institutional Trading of Cleveland-Cliffs

Hedge funds have recently bought and sold shares of the stock. Center for Financial Planning Inc. increased its holdings in shares of 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 purchasing an additional 1,805 shares during the period. Johnson Financial Group Inc. acquired a new position in shares of Cleveland-Cliffs during the second quarter valued at about $30,000. Fortitude Family Office LLC raised its position 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 buying an additional 2,011 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Cleveland-Cliffs by 39.5% in the second quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock valued at $48,000 after buying an additional 1,453 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in Cleveland-Cliffs in the 2nd quarter valued at approximately $72,000. 67.68% of the stock is owned by institutional investors.

About Cleveland-Cliffs

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.