Shares of Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) hit a new 52-week low on Wednesday after Credit Suisse Group lowered their price target on the stock from $30.00 to $25.00. Credit Suisse Group currently has an outperform rating on the stock. Cleveland-Cliffs traded as low as $14.26 and last traded at $14.27, with a volume of 599823 shares. The stock had previously closed at $14.56.
Several other research analysts have also commented on the stock. The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $26.00 to $24.00 in a report on Tuesday, July 12th. Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $16.00 to $14.50 and set an "equal weight" rating on the stock in a report on Monday, July 25th. B. Riley cut their price target on shares of Cleveland-Cliffs from $47.00 to $39.00 and set a "buy" rating on the stock in a report on Wednesday, July 6th. Clarkson Capital restated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, June 14th. Finally, JPMorgan Chase & Co. cut their price target on shares of Cleveland-Cliffs from $43.00 to $37.00 in a report on Tuesday, June 14th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.07.
Get Cleveland-Cliffs alerts:Insider Activity
In related news, CFO Celso L. Goncalves, Jr. purchased 5,000 shares of the firm's stock in a transaction dated Tuesday, August 16th. The stock was acquired at an average price of $19.36 per share, with a total value of $96,800.00. Following the completion of the transaction, the chief financial officer now owns 148,285 shares of the company's stock, valued at $2,870,797.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.43% of the company's stock.
Institutional Trading of Cleveland-Cliffs
A number of hedge funds have recently made changes to their positions in CLF. Vanguard Group Inc. boosted its holdings in Cleveland-Cliffs by 5.4% in the first quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company's stock worth $1,433,561,000 after purchasing an additional 2,276,018 shares during the period. BlackRock Inc. boosted its holdings in Cleveland-Cliffs by 4.1% in the first quarter. BlackRock Inc. now owns 39,305,375 shares of the mining company's stock worth $1,266,024,000 after purchasing an additional 1,534,765 shares during the period. FMR LLC boosted its holdings in Cleveland-Cliffs by 5.1% in the second quarter. FMR LLC now owns 22,391,421 shares of the mining company's stock worth $344,156,000 after purchasing an additional 1,083,831 shares during the period. State Street Corp boosted its holdings in Cleveland-Cliffs by 18.6% in the second quarter. State Street Corp now owns 21,000,065 shares of the mining company's stock worth $322,771,000 after purchasing an additional 3,295,448 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Cleveland-Cliffs by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 5,954,145 shares of the mining company's stock worth $129,621,000 after purchasing an additional 387,659 shares during the period. Institutional investors and hedge funds own 61.21% of the company's stock.Cleveland-Cliffs Trading Down 2.0 %
The company has a market cap of $7.38 billion, a price-to-earnings ratio of 2.19 and a beta of 2.23. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.20 and a quick ratio of 0.75. The firm's fifty day moving average price is $17.29 and its 200-day moving average price is $21.75.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings results on Friday, July 22nd. The mining company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.40 by ($0.27). Cleveland-Cliffs had a net margin of 15.07% and a return on equity of 64.45%. The firm had revenue of $6.34 billion for the quarter, compared to analyst estimates of $6.13 billion. During the same period last year, the firm posted $1.46 EPS. The business's revenue was up 25.6% compared to the same quarter last year. On average, equities analysts expect that Cleveland-Cliffs Inc. will post 4.74 EPS for the current fiscal year.
About Cleveland-Cliffs
(Get Rating)
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.
Read More
- Get a free copy of the StockNews.com research report on Cleveland-Cliffs (CLF)
- General Mills: Superior Returns With Less Volatility
- 3 Defensive Stocks With 60-Year Dividend Hike Streaks
- 3 Airline Stocks Stuck in a Holding Pattern
- Roku Stock is Down but Not Out
- If You're Hungry for Value, Take a Bite on Ruth's Hospitality Grp
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.