The Goldman Sachs Group Boosts Cleveland-Cliffs (NYSE:CLF) Price Target to $23.00

Cleveland-Cliffs (NYSE:CLFGet Rating) had its target price hoisted by equities researchers at The Goldman Sachs Group from $18.00 to $23.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the mining company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 12.86% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Wolfe Research downgraded shares of Cleveland-Cliffs from a “peer perform” rating to an “underperform” rating and set a $12.00 price target on the stock. in a research note on Wednesday, November 2nd. B. Riley increased their price target on shares of Cleveland-Cliffs from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, December 23rd. StockNews.com began coverage on shares of Cleveland-Cliffs in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Argus cut their price target on shares of Cleveland-Cliffs from $33.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, September 28th. Finally, Credit Suisse Group dropped their price objective on shares of Cleveland-Cliffs from $30.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday, September 21st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $21.47.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $20.38 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.78 and a current ratio of 2.33. The company has a market capitalization of $10.50 billion, a price-to-earnings ratio of 4.42 and a beta of 2.12. The company’s 50 day simple moving average is $16.63 and its 200 day simple moving average is $16.19. Cleveland-Cliffs has a 1 year low of $11.82 and a 1 year high of $34.04.

Cleveland-Cliffs (NYSE:CLFGet Rating) last announced its quarterly earnings data on Tuesday, October 25th. The mining company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.16). The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.79 billion. Cleveland-Cliffs had a net margin of 10.48% and a return on equity of 40.41%. The business’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.33 EPS. On average, sell-side analysts predict that Cleveland-Cliffs will post 3.04 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Large investors have recently added to or reduced their stakes in the company. Ronald Blue Trust Inc. acquired a new stake in Cleveland-Cliffs during the 2nd quarter valued at $32,000. Gradient Investments LLC grew its holdings in Cleveland-Cliffs by 55.6% during the 2nd quarter. Gradient Investments LLC now owns 2,179 shares of the mining company’s stock worth $33,000 after acquiring an additional 779 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Cleveland-Cliffs by 218.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after acquiring an additional 746 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in Cleveland-Cliffs by 108.6% during the 3rd quarter. Quadrant Capital Group LLC now owns 3,075 shares of the mining company’s stock worth $41,000 after acquiring an additional 1,601 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new position in Cleveland-Cliffs during the 2nd quarter worth $42,000. 65.25% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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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.

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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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