Cleveland-Cliffs (NYSE:CLF) Given New $11.00 Price Target at Citigroup

Cleveland-Cliffs (NYSE:CLF) had its price target reduced by research analysts at Citigroup from $12.50 to $11.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the mining company’s stock. Citigroup’s target price suggests a potential upside of 19.57% from the company’s current price.

A number of other research analysts have also weighed in on CLF. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. 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. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley reduced their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $17.22.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded down $0.34 during mid-day trading on Thursday, hitting $9.20. 10,927,014 shares of the company were exchanged, compared to its average volume of 10,614,873. The company has a market capitalization of $4.54 billion, a P/E ratio of -9.48 and a beta of 1.92. The business’s 50 day simple moving average is $12.37 and its two-hundred day simple moving average is $13.37. Cleveland-Cliffs has a 12-month low of $9.13 and a 12-month 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.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Cleveland-Cliffs’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 earnings per share. Analysts forecast that Cleveland-Cliffs will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Strengthening Families & Communities LLC boosted its position 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 during the period. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs during the second quarter valued at $26,000. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth about $34,000. Finally, Blue Trust Inc. increased its holdings in shares of Cleveland-Cliffs by 231.9% in the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after acquiring an additional 2,539 shares during the period. 67.68% of the stock is currently owned by institutional investors.

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.