Cleveland-Cliffs (NYSE:CLF) Price Target Lowered to $10.00 at JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLF) had its target price trimmed by JPMorgan Chase & Co. from $13.00 to $10.00 in a research note released on Wednesday,Benzinga reports. The firm currently has a neutral rating on the mining company’s stock.

Several other equities research analysts also recently weighed in on CLF. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Citigroup lowered their price target on Cleveland-Cliffs from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, July 7th. Argus upgraded Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Cleveland-Cliffs from $14.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, July 9th. Nine analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $11.50.

Cleveland-Cliffs Trading Up 0.8%

CLF opened at $9.87 on Wednesday. The firm’s 50 day moving average is $11.42 and its 200-day moving average is $11.19. The firm has a market capitalization of $5.63 billion, a P/E ratio of -4.22 and a beta of 2.13. Cleveland-Cliffs has a 52-week low of $7.73 and a 52-week high of $16.70. 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 (NYSE:CLF) last posted its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The company had revenue of $4.92 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.92) EPS. Analysts expect that Cleveland-Cliffs will post -0.27 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after buying an additional 6,447,462 shares in the last quarter. State Street Corp boosted its holdings in shares of Cleveland-Cliffs by 14.2% in the fourth quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock worth $388,814,000 after buying an additional 3,632,150 shares during the period. Castle Hook Partners LP increased its position in shares of Cleveland-Cliffs by 572.4% in the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after acquiring an additional 15,393,507 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Cleveland-Cliffs by 6.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock valued at $130,873,000 after purchasing an additional 925,031 shares during the period. Finally, Maple Rock Capital Partners Inc. raised its stake in Cleveland-Cliffs by 90.1% during the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock valued at $164,117,000 after purchasing an additional 5,855,830 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

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.