Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $12.90 by Analysts at Glj Research

Cleveland-Cliffs (NYSE:CLF - Get Free Report) had its price target lowered by Glj Research from $14.54 to $12.90 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the mining company's stock. Glj Research's price objective would indicate a potential upside of 27.85% from the stock's current price.

Other analysts have also issued research reports about the stock. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a "buy" rating and a $16.00 target price on the stock. Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Morgan Stanley lowered their price target on 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 lowered Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, B. Riley restated a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $16.54.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded down $0.75 during trading hours on Thursday, reaching $10.09. The company had a trading volume of 21,046,686 shares, compared to its average volume of 16,932,484. The firm has a market cap of $4.98 billion, a PE ratio of -10.40 and a beta of 1.96. Cleveland-Cliffs has a one year low of $8.99 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The business has a fifty day simple moving average of $10.34 and a 200 day simple moving average of $11.63.

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

Insiders Place Their Bets

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

Institutional Trading of Cleveland-Cliffs

Several institutional investors and hedge funds have recently bought and sold shares of CLF. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after purchasing an additional 1,490 shares in the last quarter. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at about $34,000. Truvestments Capital LLC purchased a new position in shares of Cleveland-Cliffs in the third quarter valued at $34,000. Finally, Estabrook Capital Management lifted its stake in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after purchasing an additional 2,700 shares during the last quarter. 67.68% of the stock is currently 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.