Cleveland-Cliffs (NYSE:CLF) Given New $11.00 Price Target at Morgan Stanley

Cleveland-Cliffs (NYSE:CLF) had its price objective lowered by stock analysts at Morgan Stanley from $13.00 to $11.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the mining company’s stock. Morgan Stanley’s price target suggests a potential upside of 13.85% from the company’s current price.

Several other brokerages have also recently issued reports on CLF. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price on the stock in a research report on Tuesday, January 7th. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price on the stock. Finally, Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $16.68.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $9.66 on Monday. Cleveland-Cliffs has a twelve month low of $8.99 and a twelve month high of $22.97. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of -9.96 and a beta of 1.96. The business’s fifty day moving average is $10.50 and its 200 day moving average is $12.09. 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 (NYSE:CLF) last released its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period last year, the business earned $0.54 earnings per share. The company’s quarterly revenue was down 18.5% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs will post -0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently bought and sold shares of the company. Strengthening Families & Communities LLC raised its position in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs during the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter worth $34,000. Blue Trust Inc. raised its position in shares of Cleveland-Cliffs by 231.9% in the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after acquiring an additional 2,539 shares in the last quarter. Finally, Byrne Asset Management LLC raised its position in shares of Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares in the last quarter. 67.68% of the stock is owned by 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.