Cleveland-Cliffs (NYSE:CLF) Hits New 1-Year Low – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $8.98 and last traded at $8.99, with a volume of 8575389 shares traded. The stock had previously closed at $9.81.

Analyst Ratings Changes

Several research analysts have issued reports on CLF shares. Glj Research reduced their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Performance

The stock has a 50 day moving average price of $10.37 and a two-hundred day moving average price of $11.47. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a market cap of $4.46 billion, a price-to-earnings ratio of -9.29 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In other news, Director John T. Baldwin bought 4,000 shares of the stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock worth $243,095 in the last quarter. Corporate insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after buying an additional 3,110,651 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cleveland-Cliffs by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock worth $199,724,000 after buying an additional 647,282 shares during the last quarter. Slate Path Capital LP boosted its stake in shares of Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after buying an additional 4,239,000 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock worth $79,611,000 after buying an additional 264,078 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.