Cleveland-Cliffs (NYSE:CLF) Shares Down 2.3% – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price was down 2.3% during trading on Monday . The stock traded as low as $10.10 and last traded at $10.16. Approximately 4,639,686 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 18,295,643 shares. The stock had previously closed at $10.39.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CLF shares. B. Riley reaffirmed 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 for the company in a research note on Thursday, December 19th. Glj Research cut their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group cut their target price on 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, Morgan Stanley cut their target price 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Performance

The stock has a market capitalization of $4.77 billion, a PE ratio of -9.95 and a beta of 1.94. The stock has a fifty day moving average of $10.40 and a 200-day moving average of $11.35. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

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

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin purchased 4,000 shares of the firm’s stock in a transaction 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 directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Keith Koci purchased 9,500 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 23,500 shares of company stock worth $243,095. Company insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of CLF. Strengthening Families & Communities LLC lifted its holdings in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the last quarter. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Finally, Estabrook Capital Management increased its position in shares of Cleveland-Cliffs by 207.7% during the fourth 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 in the last quarter. 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.