Cleveland-Cliffs (NYSE:CLF) Price Target Lowered to $11.50 at Bank of America

Cleveland-Cliffs (NYSE:CLF) had its target price lowered by Bank of America from $14.00 to $11.50 in a report released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the mining company’s stock.

A number of other equities analysts have also commented on CLF. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a report on Friday, May 1st. Wells Fargo & Company cut their target price on shares of Cleveland-Cliffs from $14.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on Cleveland-Cliffs from $9.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, June 10th. Finally, KeyCorp began coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Nine investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $11.80.

Cleveland-Cliffs Stock Down 1.2%

Shares of NYSE CLF opened at $9.40 on Thursday. Cleveland-Cliffs has a 52-week low of $7.73 and a 52-week high of $16.70. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The business has a fifty day moving average of $11.49 and a two-hundred day moving average of $11.30. The stock has a market cap of $5.36 billion, a PE ratio of -4.02 and a beta of 2.13.

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

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $25,000. IFP Advisors Inc lifted its stake in 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 buying an additional 1,200 shares during the period. CIBC Private Wealth Group LLC lifted its stake in 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 buying an additional 1,855 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after buying an additional 1,214 shares during the last quarter. Finally, Larson Financial Group LLC boosted its holdings in Cleveland-Cliffs by 819.2% during the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after buying an additional 2,392 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

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.