Cleveland-Cliffs (NYSE:CLF) Sets New 1-Year Low – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $9.51 and last traded at $9.54, with a volume of 16899104 shares. The stock had previously closed at $9.89.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup reduced their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Finally, The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $17.39.

Cleveland-Cliffs Stock Down 3.5 %

The stock has a market cap of $4.71 billion, a P/E ratio of -9.84 and a beta of 1.92. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a 50-day simple moving average of $12.37 and a two-hundred day simple moving average of $13.37.

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

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently modified their holdings of CLF. Strengthening Families & Communities LLC raised its position in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $26,000. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new stake in Cleveland-Cliffs in the third quarter worth $34,000. Finally, Blue Trust Inc. boosted its holdings in Cleveland-Cliffs by 231.9% in the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after acquiring an additional 2,539 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.