Cleveland-Cliffs (NYSE:CLF) Trading Down 1.7% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price was down 1.7% on Friday . The company traded as low as $9.04 and last traded at $9.37. Approximately 5,557,580 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 12,622,716 shares. The stock had previously closed at $9.53.

Analysts Set New Price Targets

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

Cleveland-Cliffs Price Performance

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’s fifty day moving average is $10.38 and its two-hundred day moving average is $11.29. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of -9.74 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate 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 business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Jane M. Cronin purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John T. Baldwin acquired 4,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 23,500 shares of company stock valued at $243,095 in the last 90 days. Company insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the company. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $25,000. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth $34,000. Estabrook Capital Management lifted its position in shares of Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after purchasing an additional 2,700 shares during the last quarter. Byrne Asset Management LLC lifted its position in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC purchased a new stake in Cleveland-Cliffs in the fourth quarter valued at $44,000. 67.68% of the stock is owned by hedge funds and other 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.