Cleveland-Cliffs (NYSE:CLF) PT Lowered to $23.00 at JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLF) had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $24.00 to $23.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the mining company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 26.03% from the company’s previous close.

CLF has been the topic of several other reports. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Wolfe Research reiterated an “underperform” rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. StockNews.com upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a report on Wednesday, February 28th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $20.75.

Cleveland-Cliffs Stock Down 1.6 %

CLF traded down $0.30 during trading on Wednesday, reaching $18.25. The company had a trading volume of 5,590,939 shares, compared to its average volume of 8,642,099. Cleveland-Cliffs has a 12 month low of $13.61 and a 12 month high of $22.97. The company has a market cap of $8.68 billion, a P/E ratio of 24.92, a PEG ratio of 0.72 and a beta of 2.03. The business’s fifty day moving average price is $20.98 and its 200 day moving average price is $18.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Tuesday, April 23rd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.50% and a net margin of 1.78%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business posted ($0.11) EPS. Equities analysts anticipate that Cleveland-Cliffs will post 1.66 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the sale, the chief executive officer now directly owns 2,699,089 shares in the company, valued at $54,494,606.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lourenco Goncalves sold 187,136 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the transaction, the chief executive officer now directly owns 2,699,089 shares in the company, valued at $54,494,606.91. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 221,066 shares of company stock valued at $4,464,688. 1.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Cleveland-Cliffs in the 4th quarter worth approximately $117,585,000. Peconic Partners LLC bought a new stake in Cleveland-Cliffs in the 4th quarter valued at $42,370,000. AQR Capital Management LLC increased its holdings in Cleveland-Cliffs by 154.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after purchasing an additional 1,568,961 shares in the last quarter. Barclays PLC increased its stake in shares of Cleveland-Cliffs by 240.4% in the third quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock valued at $31,083,000 after buying an additional 1,404,491 shares during the period. Finally, Ninety One UK Ltd bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $27,928,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

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.