Cleveland-Cliffs (NYSE:CLF) Sets New 1-Year Low – Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF) shares reached a new 52-week low during trading on Friday . The stock traded as low as $9.13 and last traded at $9.21, with a volume of 5881481 shares trading hands. The stock had previously closed at $9.35.

Analysts Set New Price Targets

CLF has been the subject of a number of research reports. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup cut their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set 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 issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.22.

Cleveland-Cliffs Price Performance

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 business has a fifty day moving average of $11.92 and a 200 day moving average of $13.10. The firm has a market cap of $4.55 billion, a P/E ratio of -9.49 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion during 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 firm’s revenue was down 18.5% on a year-over-year basis. During the same quarter last year, the company posted $0.54 EPS. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently added to or reduced their stakes in the stock. Strengthening Families & Communities LLC grew its holdings 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 purchasing an additional 1,490 shares in the last quarter. Altshuler Shaham Ltd acquired a new stake in Cleveland-Cliffs during the second quarter worth about $26,000. Darwin Wealth Management LLC bought a new position in Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Truvestments Capital LLC bought a new position in Cleveland-Cliffs in the third quarter valued at approximately $34,000. Finally, Blue Trust Inc. lifted its stake in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after purchasing an additional 2,539 shares during the last quarter. Institutional investors 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.