Cleveland-Cliffs (NYSE:CLF – Free Report) had its price objective hoisted by Morgan Stanley from $7.50 to $8.00 in a research note released on Friday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the mining company’s stock.
CLF has been the topic of a number of other research reports. B. Riley restated a “buy” rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday, May 12th. Finally, Glj Research cut Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price on the stock. in a report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.53.
View Our Latest Stock Analysis on CLF
Cleveland-Cliffs Price Performance
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter last year, the business posted $0.18 EPS. Cleveland-Cliffs’s quarterly revenue was down 11.0% on a year-over-year basis. As a group, research analysts anticipate that Cleveland-Cliffs will post -0.79 earnings per share for the current year.
Insider Transactions at Cleveland-Cliffs
In other news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president now owns 492,249 shares of the company’s stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.71% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Cleveland-Cliffs
Hedge funds have recently modified their holdings of the business. Slate Path Capital LP raised its position in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the period. Bank of New York Mellon Corp raised its position in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the period. Vanguard Group Inc. raised its position in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cleveland-Cliffs by 22.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock valued at $12,209,000 after buying an additional 242,386 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at approximately $4,432,000. 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.
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