Cleveland-Cliffs (NYSE:CLF) Stock Price Down 1% – Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price dropped 1% during trading on Thursday . The company traded as low as $9.30 and last traded at $9.47. Approximately 3,212,665 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 12,574,186 shares. The stock had previously closed at $9.56.

Analyst Ratings Changes

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

Cleveland-Cliffs Stock Down 0.9 %

The business has a fifty day moving average price of $10.38 and a two-hundred day moving average price of $11.30. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of -9.74 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

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

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Jane M. Cronin acquired 10,000 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 23,500 shares of company stock valued at $243,095. Corporate insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Large investors have recently made changes to their positions in the company. California State Teachers Retirement System boosted its holdings in shares of Cleveland-Cliffs by 1.2% during the 4th quarter. California State Teachers Retirement System now owns 460,347 shares of the mining company’s stock worth $4,327,000 after purchasing an additional 5,485 shares during the last quarter. Jefferies Financial Group Inc. increased its holdings in shares of Cleveland-Cliffs by 1,151.4% during the 4th quarter. Jefferies Financial Group Inc. now owns 150,037 shares of the mining company’s stock worth $1,410,000 after buying an additional 138,047 shares during the last quarter. Pinnacle Wealth Planning Services Inc. purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $407,000. Toronto Dominion Bank increased its stake in Cleveland-Cliffs by 9,170.9% during the fourth quarter. Toronto Dominion Bank now owns 69,995 shares of the mining company’s stock worth $658,000 after acquiring an additional 69,240 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock valued at $12,209,000 after purchasing an additional 242,386 shares during the period. 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.