Cleveland-Cliffs (NYSE:CLF) Given New $10.00 Price Target at Citigroup

Cleveland-Cliffs (NYSE:CLF) had its price target cut by equities research analysts at Citigroup from $11.00 to $10.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the mining company’s stock. Citigroup’s target price points to a potential upside of 2.15% from the company’s previous close.

CLF has been the topic of a number of other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating and boosted their target price for the company from $9.03 to $15.01 in a research report on Tuesday, June 9th. Argus raised Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Wells Fargo & Company increased their price target on Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. increased their price target on Cleveland-Cliffs from $9.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, June 10th. Nine investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Reduce” and an average target price of $12.60.

Cleveland-Cliffs Trading Down 0.7%

CLF stock opened at $9.79 on Tuesday. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs has a twelve month low of $7.73 and a twelve month high of $16.70. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of -4.18 and a beta of 2.13. The firm’s fifty day simple moving average is $11.53 and its two-hundred day simple moving average is $11.38.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. During the same quarter last year, the business earned ($0.92) EPS. The business’s revenue was up 6.3% on a year-over-year basis. As a group, analysts anticipate that Cleveland-Cliffs will post -0.27 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds have recently added to or reduced their stakes in CLF. Los Angeles Capital Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $25,000. IFP Advisors Inc boosted its holdings in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,214 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in Cleveland-Cliffs by 819.2% in the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after purchasing an additional 2,392 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.