Citigroup Trims Cleveland-Cliffs (NYSE:CLF) Target Price to $12.50

Cleveland-Cliffs (NYSE:CLF) had its target price trimmed by Citigroup from $18.00 to $12.50 in a report released on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the mining company’s stock.

Other equities research analysts also recently issued research reports about the company. Bank of America decreased their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a neutral rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an overweight rating to a neutral rating and dropped their price objective for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. B. Riley reissued a buy rating and set a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an equal weight rating on the stock in a report on Thursday, August 15th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a hold rating to a strong-buy rating in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $17.75.

Cleveland-Cliffs Stock Up 5.0 %

NYSE:CLF opened at $11.92 on Tuesday. The company’s 50 day moving average is $13.72 and its two-hundred day moving average is $16.85. The company has a market cap of $5.58 billion, a PE ratio of 16.11, a P/E/G ratio of 21.57 and a beta of 1.97. Cleveland-Cliffs has a twelve month low of $10.21 and a twelve month high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the prior year, the firm earned $0.69 EPS. The firm’s revenue was down 14.9% on a year-over-year basis. Analysts anticipate that Cleveland-Cliffs will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently modified their holdings of CLF. Wealth Enhancement Advisory Services LLC boosted its position in Cleveland-Cliffs by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after purchasing an additional 476 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in shares of Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after buying an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Cleveland-Cliffs by 0.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock valued at $4,249,000 after buying an additional 612 shares in the last quarter. InterOcean Capital Group LLC increased its holdings in Cleveland-Cliffs by 4.1% in the 1st quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock worth $462,000 after acquiring an additional 805 shares in the last quarter. Finally, Global Retirement Partners LLC increased its holdings in Cleveland-Cliffs by 38.0% in the 1st quarter. Global Retirement Partners LLC now owns 2,980 shares of the mining company’s stock worth $68,000 after acquiring an additional 821 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.