Cleveland-Cliffs Inc. (NYSE:CLF – Get Free Report) shares dropped 5% during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $18.00 to $12.50. Citigroup currently has a neutral rating on the stock. Cleveland-Cliffs traded as low as $10.34 and last traded at $10.36. Approximately 3,839,346 shares changed hands during trading, a decline of 59% from the average daily volume of 9,427,389 shares. The stock had previously closed at $10.91.
A number of other equities analysts have also weighed in on the company. Bank of America decreased their price target 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 Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Jefferies Financial Group started coverage on Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 price target for the company. Finally, Morgan Stanley decreased their price target on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $17.75.
Hedge Funds Weigh In On Cleveland-Cliffs
Several institutional investors have recently modified their holdings of the company. Rise Advisors LLC grew its position in Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares during the last quarter. Altshuler Shaham Ltd bought a new position in Cleveland-Cliffs during the 2nd quarter worth approximately $26,000. Hexagon Capital Partners LLC grew its position in 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 acquiring an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 shares during the last quarter. Finally, LRI Investments LLC bought a new position in Cleveland-Cliffs during the 1st quarter worth approximately $45,000. 67.68% of the stock is currently owned by institutional investors.
Cleveland-Cliffs Trading Up 2.0 %
The stock has a market capitalization of $5.21 billion, a P/E ratio of 13.96, a price-to-earnings-growth ratio of 6.73 and a beta of 1.98. The stock has a 50-day moving average price of $13.98 and a two-hundred day moving average price of $16.99. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 EPS. On average, research analysts forecast that Cleveland-Cliffs Inc. will post 0.04 EPS for the current fiscal year.
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.