Cleveland-Cliffs (NYSE:CLF) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of Cleveland-Cliffs (NYSE:CLF) from a hold rating to a sell rating in a research note published on Thursday morning.

Other analysts have also issued reports about the company. Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Performance

CLF stock traded down $0.47 during midday trading on Thursday, hitting $12.87. 15,175,438 shares of the stock traded hands, compared to its average volume of 10,209,001. The stock’s fifty day simple moving average is $12.63 and its 200-day simple moving average is $14.57. The firm has a market cap of $6.02 billion, a P/E ratio of -13.75 and a beta of 1.97. Cleveland-Cliffs has a 1-year low of $10.21 and a 1-year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.58%. Cleveland-Cliffs’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS. On average, analysts expect that Cleveland-Cliffs will post -0.37 earnings per share for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $26,000. EverSource Wealth Advisors LLC grew its stake in shares of Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 shares in the last quarter. Strengthening Families & Communities LLC grew its stake in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares in the last quarter. LRI Investments LLC purchased a new stake in Cleveland-Cliffs during the 1st quarter worth about $45,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Cleveland-Cliffs during the second quarter worth about $31,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.