Cleveland-Cliffs (NYSE:CLF) Price Target Cut to $11.00 by Analysts at Morgan Stanley

Cleveland-Cliffs (NYSE:CLF) had its target price cut by Morgan Stanley from $13.00 to $11.00 in a report issued on Monday,Benzinga reports. They currently have an equal weight rating on the mining company’s stock.

CLF has been the subject of several other research reports. Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a research note on Tuesday, January 7th. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.68.

Cleveland-Cliffs Stock Down 4.8 %

CLF opened at $9.75 on Monday. The business’s 50-day simple moving average is $10.44 and its 200-day simple moving average is $12.05. The stock has a market capitalization of $4.81 billion, a P/E ratio of -10.05 and a beta of 1.96. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs has a one year low of $8.99 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period in the previous year, the company posted $0.54 earnings per share. Cleveland-Cliffs’s revenue was down 18.5% compared to the same quarter last year. Analysts anticipate that Cleveland-Cliffs will post -0.69 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Strengthening Families & Communities LLC increased its position in 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 buying an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. Byrne Asset Management LLC lifted its stake in shares of Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after buying an additional 2,600 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $44,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.