Jefferies Financial Group Raises Cleveland-Cliffs (CLF) Price Target to $13.75

Cleveland-Cliffs (NYSE:CLF) had its price objective hoisted by Jefferies Financial Group from $11.50 to $13.75 in a research report report published on Friday morning, The Fly reports. They currently have a buy rating on the mining company’s stock.

Other research analysts have also issued research reports about the company. Citigroup reduced their target price on Cleveland-Cliffs from $15.00 to $13.00 and set a buy rating for the company in a report on Monday, December 3rd. Cowen reaffirmed a market perform rating and set a $11.00 target price (up previously from $8.50) on shares of Cleveland-Cliffs in a report on Thursday, February 7th. ValuEngine lowered Cleveland-Cliffs from a hold rating to a sell rating in a report on Thursday, November 1st. Vertical Group set a $5.00 target price on Cleveland-Cliffs and gave the company a sell rating in a report on Tuesday, October 23rd. Finally, Zacks Investment Research lowered Cleveland-Cliffs from a hold rating to a sell rating in a report on Monday, December 31st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $11.98.

CLF stock opened at $11.65 on Friday. The company has a quick ratio of 2.77, a current ratio of 3.16 and a debt-to-equity ratio of 4.93. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 5.47 and a beta of 1.82. Cleveland-Cliffs has a twelve month low of $6.40 and a twelve month high of $13.10.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Friday, February 8th. The mining company reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.02). The company had revenue of $696.30 million for the quarter, compared to analysts’ expectations of $721.52 million. Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The firm’s quarterly revenue was up 36.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.07 EPS. Sell-side analysts expect that Cleveland-Cliffs will post 1.64 EPS for the current fiscal year.

Cleveland-Cliffs declared that its Board of Directors has approved a stock buyback program on Monday, November 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the mining company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Several hedge funds and other institutional investors have recently modified their holdings of CLF. Tower Research Capital LLC TRC grew its holdings in shares of Cleveland-Cliffs by 1,248.2% during the second quarter. Tower Research Capital LLC TRC now owns 11,999 shares of the mining company’s stock worth $101,000 after purchasing an additional 11,109 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Cleveland-Cliffs during the second quarter worth about $1,613,000. Northern Trust Corp grew its holdings in shares of Cleveland-Cliffs by 1.8% during 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 in the last quarter. United Services Automobile Association grew its holdings in shares of Cleveland-Cliffs by 53.4% during the second quarter. United Services Automobile Association now owns 296,967 shares of the mining company’s stock worth $2,503,000 after purchasing an additional 103,400 shares in the last quarter. Finally, NEXT Financial Group Inc purchased a new position in shares of Cleveland-Cliffs during the third quarter worth about $122,000. 70.96% of the stock is owned by institutional investors.

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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