Citigroup Lowers Cleveland-Cliffs (NYSE:CLF) Price Target to $11.00

Cleveland-Cliffs (NYSE:CLF) had its price objective reduced by Citigroup from $12.50 to $11.00 in a research note published on Thursday morning,Benzinga reports. Citigroup currently has a neutral rating on the mining company’s stock.

CLF has been the topic of a number of other research reports. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $17.22.

Cleveland-Cliffs Stock Down 2.2 %

Shares of NYSE:CLF opened at $9.33 on Thursday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs has a fifty-two week low of $9.13 and a fifty-two week high of $22.97. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -9.62 and a beta of 1.92. The firm’s 50 day moving average price is $12.30 and its 200 day moving average price is $13.35.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data 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 analysts’ expectations 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 last year, the firm posted $0.54 earnings per share. As a group, equities research analysts predict that Cleveland-Cliffs will post -0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the company. Twelve Points Wealth Management LLC grew its holdings in Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock valued at $1,708,000 after buying an additional 49,359 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Cleveland-Cliffs by 987.0% during the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after buying an additional 187,957 shares during the last quarter. First Dallas Securities Inc. raised its position in shares of Cleveland-Cliffs by 27.9% in the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock worth $2,640,000 after buying an additional 45,150 shares during the period. Rockefeller Capital Management L.P. acquired a new position in Cleveland-Cliffs in the third quarter valued at $22,122,000. Finally, Barclays PLC grew its position in Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after acquiring an additional 2,176,837 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

About Cleveland-Cliffs

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.