Cleveland-Cliffs (NYSE:CLF) Price Target Lowered to $11.25 at The Goldman Sachs Group

Cleveland-Cliffs (NYSE:CLF) had its price objective lowered by The Goldman Sachs Group from $13.00 to $11.25 in a research report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the mining company’s stock.

A number of other research firms have also commented on CLF. Glj Research reduced their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Finally, B. Riley restated a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and a consensus price target of $15.02.

Cleveland-Cliffs Stock Down 1.5%

CLF stock opened at $7.47 on Monday. The stock has a 50-day simple moving average of $8.22 and a two-hundred day simple moving average of $10.04. Cleveland-Cliffs has a twelve month low of $6.17 and a twelve month high of $18.10. The firm has a market capitalization of $3.69 billion, a PE ratio of -7.70 and a beta of 2.03. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue was down 11.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 EPS. On average, equities analysts predict that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin acquired 4,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade represents a 3.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 over the last 90 days. Corporate insiders own 1.71% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in the business. Ieq Capital LLC purchased a new position in shares of Cleveland-Cliffs in the first quarter worth about $98,000. CreativeOne Wealth LLC bought a new position in Cleveland-Cliffs during the 1st quarter worth approximately $99,000. Zuckerman Investment Group LLC increased its stake in Cleveland-Cliffs by 4.8% in the 1st quarter. Zuckerman Investment Group LLC now owns 110,000 shares of the mining company’s stock worth $904,000 after purchasing an additional 5,000 shares during the period. FORA Capital LLC lifted its position in Cleveland-Cliffs by 106.5% in the first quarter. FORA Capital LLC now owns 21,946 shares of the mining company’s stock valued at $180,000 after purchasing an additional 11,317 shares during the last quarter. Finally, Pale Fire Capital SE bought a new stake in Cleveland-Cliffs in the first quarter valued at approximately $82,000. 67.68% of the stock is owned by institutional investors.

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.