Cleveland-Cliffs (NYSE:CLF) Sets New 52-Week Low at $13.06

Cleveland-Cliffs Inc. (NYSE:CLF) shares reached a new 52-week low on Monday . The company traded as low as $13.06 and last traded at $13.09, with a volume of 603786 shares changing hands. The stock had previously closed at $13.18.

Analysts Set New Price Targets

CLF has been the topic of several research reports. Bank of America decreased their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a research report on Tuesday, June 11th. Jefferies Financial Group started coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They issued a “buy” rating and a $22.00 target price on the stock. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Finally, B. Riley reaffirmed a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus price target of $19.44.

Cleveland-Cliffs Stock Performance

The stock has a market cap of $6.16 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 1.94 and a beta of 2.03. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The company has a 50 day simple moving average of $15.16 and a 200 day simple moving average of $18.08.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the firm posted $0.69 earnings per share. The company’s revenue was down 14.9% on a year-over-year basis. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post 0.17 EPS for the current year.

Cleveland-Cliffs announced that its board has authorized a share buyback program on Monday, April 22nd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the mining company to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Ben Oren purchased 6,700 shares of Cleveland-Cliffs stock in a transaction on Wednesday, June 12th. The shares were purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the transaction, the director now owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Ben Oren acquired 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $14.99 per share, with a total value of $100,433.00. Following the transaction, the director now directly owns 14,167 shares in the company, valued at approximately $212,363.33. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average cost of $14.98 per share, with a total value of $108,605.00. Following the transaction, the chief financial officer now owns 314,362 shares in the company, valued at approximately $4,709,142.76. The disclosure for this purchase can be found here. Corporate insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds have recently made changes to their positions in the business. Perigon Wealth Management LLC bought a new stake in Cleveland-Cliffs in the fourth quarter worth about $839,000. Quest Partners LLC purchased a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $71,000. Russell Investments Group Ltd. grew its holdings in Cleveland-Cliffs by 82.2% during the first quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock valued at $8,932,000 after purchasing an additional 177,198 shares during the period. Natixis purchased a new stake in Cleveland-Cliffs in the first quarter worth $100,000. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after buying an additional 984 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

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.