Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $23.00

Cleveland-Cliffs (NYSE:CLF) had its target price reduced by JPMorgan Chase & Co. from $24.00 to $23.00 in a research report report published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the mining company’s stock.

A number of other analysts have also weighed in on CLF. Argus lowered Cleveland-Cliffs from a buy rating to a hold rating in a research report on Thursday, February 8th. TheStreet lowered Cleveland-Cliffs from a b- rating to a c rating in a research report on Tuesday, January 30th. BNP Paribas lowered Cleveland-Cliffs from a neutral rating to an underperform rating and set a $16.50 price objective on the stock. in a research report on Wednesday, February 28th. Wolfe Research reaffirmed an underperform rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Finally, StockNews.com raised Cleveland-Cliffs from a hold rating to a buy rating in a research report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $20.75.

Cleveland-Cliffs Stock Down 1.9 %

Cleveland-Cliffs stock opened at $17.88 on Wednesday. Cleveland-Cliffs has a fifty-two week low of $13.61 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.62 and a current ratio of 1.90. The firm has a 50 day moving average price of $20.87 and a 200 day moving average price of $19.00. The company has a market capitalization of $8.50 billion, a PE ratio of 24.16, a price-to-earnings-growth ratio of 0.63 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter last year, the business posted ($0.11) EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs will post 1.66 earnings per share for the current year.

Cleveland-Cliffs declared that its board has approved a stock repurchase plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the mining company to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Cleveland-Cliffs

In related news, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the transaction, the director now owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the acquisition, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the transaction, the director now directly owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The disclosure for this sale can be found here. Insiders have sold 221,066 shares of company stock valued at $4,464,688 over the last quarter. 1.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Rise Advisors LLC increased its holdings in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after buying an additional 1,429 shares in the last quarter. Anchor Investment Management LLC purchased a new position in Cleveland-Cliffs in the fourth quarter valued at about $31,000. Lindbrook Capital LLC increased its holdings in Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after buying an additional 716 shares in the last quarter. HighMark Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $35,000. Finally, Hexagon Capital Partners LLC increased its stake 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 worth $39,000 after purchasing an additional 500 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other 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.