Cleveland-Cliffs (NYSE:CLF) had its price objective increased by equities researchers at JPMorgan Chase & Co. to $17.00 in a note issued to investors on Monday, The Fly reports. The brokerage currently has an “overweight” rating on the mining company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 43.70% from the company’s current price.

A number of other research analysts have also recently weighed in on the company. Cowen initiated coverage on Cleveland-Cliffs in a research report on Tuesday, January 8th. They set a “market perform” rating and a $8.50 price objective on the stock. B. Riley set a $14.00 price objective on Cleveland-Cliffs and gave the company a “buy” rating in a research report on Thursday, December 13th. Morgan Stanley set a $11.00 price objective on Cleveland-Cliffs and gave the company a “hold” rating in a research report on Tuesday, October 23rd. Zacks Investment Research cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Monday, December 31st. Finally, Citigroup lowered their price objective on Cleveland-Cliffs from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, December 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $11.98.

CLF stock opened at $11.83 on Monday. Cleveland-Cliffs has a twelve month low of $6.30 and a twelve month high of $13.10. The company has a debt-to-equity ratio of 4.93, a quick ratio of 2.77 and a current ratio of 3.16. The stock has a market cap of $3.53 billion, a PE ratio of 5.55 and a beta of 1.82.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data 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). Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The company had revenue of $696.30 million for the quarter, compared to analysts’ expectations of $721.52 million. During the same period in the previous year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was up 36.0% on a year-over-year basis. As a group, equities analysts forecast that Cleveland-Cliffs will post 1.64 earnings per share for the current fiscal year.

Cleveland-Cliffs declared that its board has approved a share buyback program on Monday, November 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the mining company to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently bought and sold shares of CLF. Flagship Harbor Advisors LLC lifted its holdings in Cleveland-Cliffs by 1,266.7% in the 4th quarter. Flagship Harbor Advisors LLC now owns 4,100 shares of the mining company’s stock worth $31,000 after purchasing an additional 3,800 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $50,000. Quantamental Technologies LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $52,000. CWM Advisors LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $91,000. Finally, USAdvisors Wealth Management LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $94,000. 70.96% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Cleveland-Cliffs (NYSE:CLF)

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