Cleveland-Cliffs (NYSE:CLF) Trading 3% Higher – Here’s What Happened

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) traded up 3% during trading on Tuesday . The stock traded as high as $9.64 and last traded at $9.57. 4,846,936 shares were traded during trading, a decline of 62% from the average session volume of 12,774,881 shares. The stock had previously closed at $9.29.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. 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 decreased their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Finally, Glj Research dropped their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Performance

The business has a 50-day moving average of $10.36 and a 200 day moving average of $11.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a market cap of $4.67 billion, a PE ratio of -9.75 and a beta of 1.94.

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

Insider Transactions at Cleveland-Cliffs

In related news, 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 price of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jane M. Cronin acquired 10,000 shares of the stock in a transaction dated Friday, February 28th. The shares were bought 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 owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 23,500 shares of company stock worth $243,095 in the last 90 days. 1.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its position in shares of Cleveland-Cliffs by 28.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 19,280 shares of the mining company’s stock valued at $246,000 after purchasing an additional 4,215 shares during the period. Landscape Capital Management L.L.C. increased its stake in Cleveland-Cliffs by 74.6% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 24,088 shares of the mining company’s stock worth $308,000 after buying an additional 10,288 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Cleveland-Cliffs by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after acquiring an additional 121,389 shares during the period. Cerity Partners LLC lifted its position in shares of Cleveland-Cliffs by 10.9% in the third quarter. Cerity Partners LLC now owns 366,619 shares of the mining company’s stock valued at $4,682,000 after acquiring an additional 35,995 shares in the last quarter. Finally, Pekin Hardy Strauss Inc. bought a new position in shares of Cleveland-Cliffs in the third quarter worth about $649,000. Institutional investors own 67.68% of the company’s stock.

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.