Cleveland-Cliffs (NYSE:CLF) Now Covered by Analysts at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs (NYSE:CLF) in a research note issued on Monday,Benzinga reports. The brokerage set a “buy” rating and a $16.00 price target on the mining company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 28.51% from the stock’s current price.

Several other brokerages have also recently commented on CLF. Citigroup reduced their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Morgan Stanley decreased their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and a consensus target price of $17.39.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $12.45 on Monday. The company has a fifty day moving average price of $12.69 and a 200 day moving average price of $13.90. Cleveland-Cliffs has a 1-year low of $10.21 and a 1-year high of $22.97. The firm has a market cap of $6.15 billion, a PE ratio of -12.84 and a beta of 1.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the previous year, the business posted $0.54 earnings per share. The firm’s quarterly revenue was down 18.5% compared to the same quarter last year. Research analysts predict that Cleveland-Cliffs will post -0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in the business. Strengthening Families & Communities LLC lifted its stake in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $31,000. Gradient Investments LLC increased its stake in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares during the period. Finally, Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs in the 3rd quarter valued at $34,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.