The Goldman Sachs Group Lowers Cleveland-Cliffs (NYSE:CLF) Price Target to $15.00

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price objective decreased by equities researchers at The Goldman Sachs Group from $17.00 to $15.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the mining company's stock. The Goldman Sachs Group's price target points to a potential upside of 49.63% from the stock's current price.

Other analysts also recently issued research reports about the company. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research reduced their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, Citigroup decreased their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average target price of $16.43.

Cleveland-Cliffs Stock Up 5.9 %

Cleveland-Cliffs stock traded up $0.56 during mid-day trading on Tuesday, hitting $10.03. 21,624,817 shares of the company's stock were exchanged, compared to its average volume of 17,278,139. Cleveland-Cliffs has a 1-year low of $8.99 and a 1-year high of $22.97. The stock has a 50 day moving average of $10.35 and a two-hundred day moving average of $11.59. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock has a market cap of $4.96 billion, a P/E ratio of -10.34 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. As a group, analysts anticipate that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci purchased 9,500 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company's stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in the stock. Strengthening Families & Communities LLC raised its position in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after purchasing an additional 1,490 shares during the period. Pinpoint Asset Management Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter worth approximately $25,000. Darwin Wealth Management LLC bought a new position in Cleveland-Cliffs during the third quarter worth $34,000. Truvestments Capital LLC bought a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. Finally, Estabrook Capital Management boosted its holdings in shares of Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after acquiring an additional 2,700 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

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.