Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $13.50 by Analysts at Morgan Stanley

Cleveland-Cliffs (NYSE:CLF) had its price target decreased by Morgan Stanley from $15.00 to $13.50 in a research note issued to investors on Wednesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the mining company’s stock.

Several other equities analysts also recently commented on CLF. Citigroup decreased their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a neutral rating on the stock in a research note on Tuesday, September 10th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a hold rating to a strong-buy rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an overweight rating to a neutral rating and dropped their price target for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Bank of America lowered their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a neutral rating on the stock in a research note on Wednesday, June 26th. Finally, B. Riley reiterated a buy rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of Hold and a consensus target price of $17.56.

Cleveland-Cliffs Trading Down 2.3 %

Shares of CLF stock opened at $11.54 on Wednesday. Cleveland-Cliffs has a 12-month low of $10.21 and a 12-month high of $22.97. The company has a market capitalization of $5.49 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The firm has a 50 day moving average price of $13.58 and a two-hundred day moving average price of $16.67. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period last year, the firm posted $0.69 EPS. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. As a group, analysts predict that Cleveland-Cliffs will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CLF. Hodges Capital Management Inc. grew its holdings in shares of Cleveland-Cliffs by 5.0% during the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock valued at $33,852,000 after purchasing an additional 104,197 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $71,000. DekaBank Deutsche Girozentrale increased its holdings in shares of Cleveland-Cliffs by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after buying an additional 984 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of 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 acquiring an additional 177,198 shares during the last quarter. Finally, Natixis acquired a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at $100,000. 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.