Cleveland-Cliffs (NYSE:CLF) Given New $12.00 Price Target at Jefferies Financial Group

Cleveland-Cliffs (NYSE:CLF) had its target price decreased by Jefferies Financial Group from $15.00 to $12.00 in a research note published on Wednesday, October 16th, The Fly reports.

A number of other research analysts have also recently issued reports on CLF. Citigroup dropped their target price on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a buy rating for the company in a report on Wednesday, September 4th. Cowen set a $10.00 target price on shares of Cleveland-Cliffs and gave the company a hold rating in a report on Thursday, August 22nd. B. Riley dropped their price objective on shares of Cleveland-Cliffs from $16.00 to $13.00 and set a buy rating for the company in a research note on Tuesday, October 1st. Macquarie set a $10.00 price objective on shares of Cleveland-Cliffs and gave the stock a buy rating in a research note on Tuesday, September 24th. Finally, ValuEngine raised shares of Cleveland-Cliffs from a sell rating to a hold rating in a research note on Wednesday, October 2nd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $10.67.

NYSE:CLF traded up $0.21 during mid-day trading on Wednesday, reaching $7.57. The stock had a trading volume of 11,485,133 shares, compared to its average volume of 10,958,171. Cleveland-Cliffs has a twelve month low of $6.59 and a twelve month high of $12.26. The company has a debt-to-equity ratio of 5.86, a quick ratio of 1.61 and a current ratio of 2.32. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 3.55 and a beta of 2.03. The business has a 50 day simple moving average of $7.32 and a 200 day simple moving average of $8.93.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Wednesday, October 23rd. The mining company reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.09. Cleveland-Cliffs had a net margin of 38.99% and a return on equity of 125.91%. The company had revenue of $555.60 million during the quarter, compared to analysts’ expectations of $544.88 million. During the same period last year, the company posted $1.41 earnings per share. The firm’s quarterly revenue was down 25.1% compared to the same quarter last year. As a group, sell-side analysts expect that Cleveland-Cliffs will post 1.12 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, October 4th were given a dividend of $0.06 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.24 dividend on an annualized basis and a yield of 3.17%. Cleveland-Cliffs’s dividend payout ratio (DPR) is currently 11.27%.

In related news, Director John T. Baldwin purchased 9,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were bought at an average price of $7.27 per share, for a total transaction of $65,430.00. Following the acquisition, the director now directly owns 123,727 shares in the company, valued at $899,495.29. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John T. Baldwin purchased 7,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was bought at an average price of $8.27 per share, for a total transaction of $57,890.00. Following the acquisition, the director now owns 114,727 shares in the company, valued at $948,792.29. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 31,500 shares of company stock worth $247,420. 1.32% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in CLF. LSV Asset Management lifted its holdings in shares of Cleveland-Cliffs by 7,324.1% during the 2nd quarter. LSV Asset Management now owns 2,939,928 shares of the mining company’s stock valued at $31,369,000 after acquiring an additional 2,900,328 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth $14,694,000. Nuveen Asset Management LLC purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth $12,290,000. General American Investors Co. Inc. purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth $8,639,000. Finally, Fisher Asset Management LLC increased its stake in Cleveland-Cliffs by 5.7% during the 3rd quarter. Fisher Asset Management LLC now owns 13,612,245 shares of the mining company’s stock worth $98,280,000 after buying an additional 739,275 shares during the period. Institutional investors own 82.32% 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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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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