Cleveland-Cliffs (NYSE:CLF) Sets New 1-Year Low – What’s Next?

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

Wall Street Analyst Weigh In

CLF has been the subject of a number of recent research reports. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. The Goldman Sachs Group cut their target price 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. Morgan Stanley cut their target price on shares of 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. Glj Research cut their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, Citigroup cut their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Two investment 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Price Performance

The company’s 50-day simple moving average is $10.37 and its 200-day simple moving average is $11.47. 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 stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of -9.29 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 (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. US Bancorp DE increased its stake in Cleveland-Cliffs by 6.6% in the third quarter. US Bancorp DE now owns 28,752 shares of the mining company’s stock valued at $367,000 after acquiring an additional 1,789 shares during the last quarter. GSA Capital Partners LLP increased its stake in Cleveland-Cliffs by 295.9% in the third quarter. GSA Capital Partners LLP now owns 205,461 shares of the mining company’s stock valued at $2,624,000 after acquiring an additional 153,560 shares during the last quarter. Prime Capital Investment Advisors LLC bought a new position in Cleveland-Cliffs in the third quarter valued at approximately $263,000. Kovack Advisors Inc. increased its stake in Cleveland-Cliffs by 71.2% in the third quarter. Kovack Advisors Inc. now owns 34,140 shares of the mining company’s stock valued at $436,000 after acquiring an additional 14,200 shares during the last quarter. Finally, Archer Investment Corp increased its stake in Cleveland-Cliffs by 25.8% in the third quarter. Archer Investment Corp now owns 7,799 shares of the mining company’s stock valued at $100,000 after acquiring an additional 1,600 shares during the last quarter. 67.68% of the stock is owned by 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.