Cleveland-Cliffs (CLF) PT Raised to $17.00 at JPMorgan Chase & Co.

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Cleveland-Cliffs (NYSE:CLF) had its price target hoisted by JPMorgan Chase & Co. to $17.00 in a research note published on Monday, The Fly reports. JPMorgan Chase & Co. currently has an overweight rating on the mining company’s stock.

A number of other brokerages also recently commented on CLF. Jefferies Financial Group lifted their price objective on Cleveland-Cliffs from $11.50 to $13.75 and gave the stock a buy rating in a research report on Friday, February 8th. Citigroup raised their price objective on shares of Cleveland-Cliffs to $13.00 and gave the stock a buy rating in a report on Friday, February 8th. Cowen restated a market perform rating and set a $11.00 price objective (up previously from $8.50) on shares of Cleveland-Cliffs in a report on Thursday, February 7th. ValuEngine upgraded shares of Cleveland-Cliffs from a sell rating to a hold rating in a report on Monday, February 4th. Finally, Zacks Investment Research downgraded Cleveland-Cliffs from a hold rating to a sell rating in a research report on Monday, December 31st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. Cleveland-Cliffs currently has an average rating of Hold and an average target price of $11.98.

Shares of CLF stock opened at $11.47 on Monday. Cleveland-Cliffs has a 52-week low of $6.40 and a 52-week high of $13.10. The stock has a market capitalization of $3.48 billion, a P/E ratio of 5.38 and a beta of 1.82. The company has a debt-to-equity ratio of 4.93, a quick ratio of 2.77 and a current ratio of 3.16.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Friday, February 8th. The mining company reported $0.55 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.02). Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The firm had revenue of $696.30 million during the quarter, compared to the consensus estimate of $721.52 million. During the same period in the previous year, the company posted $1.07 EPS. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. As a group, equities research analysts forecast that Cleveland-Cliffs will post 1.64 EPS for the current fiscal year.

Cleveland-Cliffs announced that its board has approved a stock buyback plan on Monday, November 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the mining company to buy up to 7.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

A number of institutional investors and hedge funds have recently made changes to their positions in CLF. Northern Trust Corp increased its stake in Cleveland-Cliffs by 1.8% in the second quarter. Northern Trust Corp now owns 3,587,377 shares of the mining company’s stock worth $30,242,000 after purchasing an additional 62,128 shares during the period. United Services Automobile Association lifted its holdings in Cleveland-Cliffs by 53.4% in the second quarter. United Services Automobile Association now owns 296,967 shares of the mining company’s stock valued at $2,503,000 after acquiring an additional 103,400 shares during the period. Bank of Montreal Can lifted its holdings in Cleveland-Cliffs by 19.1% in the third quarter. Bank of Montreal Can now owns 70,665 shares of the mining company’s stock valued at $894,000 after acquiring an additional 11,333 shares during the period. NJ State Employees Deferred Compensation Plan purchased a new stake in shares of Cleveland-Cliffs in the third quarter valued at approximately $481,000. Finally, Foundry Partners LLC purchased a new stake in Cleveland-Cliffs in the 3rd quarter valued at $7,287,000. 70.96% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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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