Analysts Set Cleveland-Cliffs Inc. (NYSE:CLF) Price Target at $17.56

Cleveland-Cliffs Inc. (NYSE:CLF) has received an average rating of “Hold” from the ten brokerages that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $17.56.

Several equities analysts have recently weighed in on CLF shares. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America cut their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Citigroup cut their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. B. Riley reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th.

Cleveland-Cliffs Price Performance

CLF opened at $13.06 on Friday. Cleveland-Cliffs has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The firm’s fifty day moving average price is $12.56 and its two-hundred day moving average price is $15.56. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 17.65 and a beta of 1.98.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the previous year, the firm earned $0.69 EPS. The firm’s quarterly revenue was down 14.9% on a year-over-year basis. As a group, analysts anticipate that Cleveland-Cliffs will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Pineridge Advisors LLC purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $57,000. Creekmur Asset Management LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $45,000. True Vision MN LLC bought a new stake in Cleveland-Cliffs in the fourth quarter worth $496,000. Newbridge Financial Services Group Inc. increased its position in Cleveland-Cliffs by 410.0% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,550 shares of the mining company’s stock worth $52,000 after purchasing an additional 2,050 shares during the last quarter. Finally, Kapitalo Investimentos Ltda boosted its stake in Cleveland-Cliffs by 55.9% during the fourth quarter. Kapitalo Investimentos Ltda now owns 15,209 shares of the mining company’s stock worth $311,000 after buying an additional 5,456 shares during the period. 67.68% of the stock is currently owned by institutional investors.

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.