Cleveland-Cliffs (NYSE:CLF) Downgraded by JPMorgan Chase & Co.

Cleveland-Cliffs (NYSE:CLFGet Free Report) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Tuesday, Briefing.com reports. They presently have a $17.00 target price on the mining company’s stock, down from their previous target price of $23.00. JPMorgan Chase & Co.‘s target price points to a potential upside of 8.59% from the stock’s previous close.

A number of other equities research analysts have also issued reports on CLF. B. Riley cut their price target on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, April 30th. BNP Paribas cut 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, Wolfe Research restated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.79.

View Our Latest Stock Analysis on Cleveland-Cliffs

Cleveland-Cliffs Stock Down 0.9 %

CLF opened at $15.66 on Tuesday. The company has a market cap of $7.44 billion, a P/E ratio of 21.16, a P/E/G ratio of 0.36 and a beta of 2.08. Cleveland-Cliffs has a 12 month low of $13.84 and a 12 month high of $22.97. The business’s 50-day moving average price is $18.72 and its 200-day moving average price is $19.24. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last released its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. During the same period last year, the company posted ($0.11) EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities analysts expect that Cleveland-Cliffs will post 0.95 EPS for the current year.

Cleveland-Cliffs declared that its Board of Directors has authorized a share buyback plan on Monday, April 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the mining company to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Cleveland-Cliffs

In related news, CEO Lourenco Goncalves acquired 60,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was acquired at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the purchase, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Ron A. Bloom purchased 25,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were purchased at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the completion of the acquisition, the director now directly owns 59,900 shares in the company, valued at approximately $1,018,300. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Lourenco Goncalves purchased 60,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The shares were purchased at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the transaction, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its stake in Cleveland-Cliffs by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after acquiring an additional 476 shares during the period. Hexagon Capital Partners LLC lifted its position in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Cleveland-Cliffs by 0.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock worth $4,249,000 after purchasing an additional 612 shares during the last quarter. Allworth Financial LP grew its position in Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after purchasing an additional 619 shares during the period. Finally, Fifth Third Bancorp raised its stake in Cleveland-Cliffs by 11.4% during the 1st quarter. Fifth Third Bancorp now owns 6,151 shares of the mining company’s stock valued at $140,000 after buying an additional 631 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

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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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