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

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) has been given a consensus recommendation of "Hold" by the ten analysts that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $17.56.

A number of equities analysts recently issued reports on CLF shares. Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a report on Tuesday, September 10th. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a research report on Wednesday, September 18th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th.

Cleveland-Cliffs Stock Up 20.1 %

Shares of NYSE:CLF traded up $2.33 during trading hours on Wednesday, reaching $13.94. The stock had a trading volume of 41,239,674 shares, compared to its average volume of 10,125,141. The stock has a market capitalization of $6.52 billion, a price-to-earnings ratio of -14.37 and a beta of 1.97. The firm's 50 day moving average is $12.62 and its 200-day moving average is $14.58. 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 quick ratio of 0.60 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results 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 return on equity of 4.94% and a net margin of 0.21%. The business had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.72 billion. During the same period last year, the firm earned $0.54 earnings per share. The firm's quarterly revenue was down 18.5% on a year-over-year basis. Research analysts predict that Cleveland-Cliffs will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Twelve Points Wealth Management LLC increased its stake in Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company's stock valued at $1,708,000 after buying an additional 49,359 shares during the period. Hodges Capital Management Inc. raised its holdings in Cleveland-Cliffs by 5.0% during the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company's stock worth $33,852,000 after purchasing an additional 104,197 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company's stock valued at $879,000 after purchasing an additional 984 shares during the period. Russell Investments Group Ltd. boosted its holdings in Cleveland-Cliffs by 82.2% in the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company's stock valued at $8,932,000 after purchasing an additional 177,198 shares in the last quarter. Finally, Natixis acquired a new position in Cleveland-Cliffs during the 1st quarter worth approximately $100,000. Institutional investors and hedge funds 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.