Cleveland-Cliffs (NYSE:CLF) had its target price decreased by JPMorgan Chase & Co. from $8.00 to $6.00 in a research report report published on Wednesday morning, The Fly reports. JPMorgan Chase & Co. currently has a neutral rating on the mining company’s stock.
Several other research firms have also recently weighed in on CLF. Goldman Sachs Group reiterated a neutral rating and issued a $4.00 price target on shares of Cleveland-Cliffs in a report on Monday, March 30th. ValuEngine lowered Cleveland-Cliffs from a hold rating to a sell rating in a research report on Wednesday, March 4th. TheStreet lowered Cleveland-Cliffs from a b- rating to a c+ rating in a research report on Thursday, January 23rd. B. Riley raised their price objective on Cleveland-Cliffs from $10.00 to $11.00 and gave the company a buy rating in a research report on Tuesday, March 24th. Finally, Cfra reissued a strong-buy rating and set a $10.00 price objective (up previously from $9.00) on shares of Cleveland-Cliffs in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $8.93.
Shares of Cleveland-Cliffs stock traded up $0.02 on Wednesday, hitting $3.76. The stock had a trading volume of 10,720,608 shares, compared to its average volume of 15,363,690. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 3.58 and a beta of 2.13. The stock’s 50-day simple moving average is $5.18 and its two-hundred day simple moving average is $7.06. Cleveland-Cliffs has a one year low of $2.63 and a one year high of $11.61. The company has a quick ratio of 1.42, a current ratio of 2.19 and a debt-to-equity ratio of 5.91.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Friday, April 3rd will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 6.38%. Cleveland-Cliffs’s dividend payout ratio is currently 21.43%.
In related news, CEO Lourenco Goncalves acquired 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was bought at an average cost of $4.49 per share, for a total transaction of $898,000.00. Following the purchase, the chief executive officer now owns 3,565,597 shares in the company, valued at approximately $16,009,530.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Koci acquired 25,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average price of $4.09 per share, with a total value of $102,250.00. Following the completion of the purchase, the chief financial officer now owns 124,649 shares in the company, valued at approximately $509,814.41. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 240,000 shares of company stock valued at $1,066,650. Corporate insiders own 1.83% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Atlas Private Wealth Management bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $26,000. Moser Wealth Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth $30,000. Tower Research Capital LLC TRC grew its position in shares of Cleveland-Cliffs by 235.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,848 shares of the mining company’s stock worth $35,000 after buying an additional 3,401 shares in the last quarter. Huntington National Bank grew its position in shares of Cleveland-Cliffs by 170.5% during the 4th quarter. Huntington National Bank now owns 4,598 shares of the mining company’s stock worth $39,000 after buying an additional 2,898 shares in the last quarter. Finally, Verus Capital Partners LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth $42,000. Institutional investors own 84.00% of the company’s stock.
Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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