Citigroup Cuts Cleveland-Cliffs (NYSE:CLF) Price Target to $11.00

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

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

Cleveland-Cliffs Trading Up 0.5 %

Cleveland-Cliffs stock opened at $9.38 on Thursday. 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 company has a market cap of $4.63 billion, a P/E ratio of -9.67 and a beta of 1.92. The business has a 50-day simple moving average of $12.22 and a two-hundred day simple moving average of $13.29. Cleveland-Cliffs has a 52-week low of $9.13 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the previous year, the firm earned $0.54 EPS. The company’s revenue was down 18.5% on a year-over-year basis. Analysts predict that Cleveland-Cliffs will post -0.45 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several large investors have recently made changes to their positions in CLF. Franklin Resources Inc. grew its holdings in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after buying an additional 134,939 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at approximately $64,000. Arete Wealth Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the third quarter valued at $1,222,000. Neo Ivy Capital Management bought a new stake in Cleveland-Cliffs in the third quarter worth $1,444,000. Finally, First Dallas Securities Inc. raised its stake in Cleveland-Cliffs by 27.9% during the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after purchasing an additional 45,150 shares in the last quarter. 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.