Cleveland-Cliffs (NYSE:CLF) Given New $11.00 Price Target at Citigroup

Cleveland-Cliffs (NYSE:CLF) had its target price trimmed by Citigroup from $12.50 to $11.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a neutral rating on the mining company’s stock.

Several other analysts have also recently issued reports on CLF. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.22.

Cleveland-Cliffs Trading Down 2.2 %

Shares of Cleveland-Cliffs stock opened at $9.33 on Thursday. Cleveland-Cliffs has a twelve month low of $9.13 and a twelve month high of $22.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $12.30 and a 200-day moving average price of $13.35. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -9.62 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue was down 18.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 EPS. Equities research analysts anticipate that Cleveland-Cliffs will post -0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strengthening Families & Communities LLC boosted its position in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the period. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs during the 2nd quarter valued at about $26,000. Darwin Wealth Management LLC acquired a new position in Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Truvestments Capital LLC purchased a new stake in Cleveland-Cliffs during the third quarter worth about $34,000. Finally, Blue Trust Inc. lifted its position in shares of Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after purchasing an additional 2,539 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

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.