Cleveland-Cliffs (NYSE:CLF) Stock Price Down 3.7% – Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price dropped 3.7% on Tuesday . The company traded as low as $13.10 and last traded at $13.13. Approximately 1,351,533 shares were traded during trading, a decline of 86% from the average daily volume of 9,817,987 shares. The stock had previously closed at $13.64.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Citigroup reduced their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Bank of America reduced their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Trading Down 1.8 %

The firm has a market capitalization of $6.37 billion, a P/E ratio of 17.68 and a beta of 1.98. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The stock has a fifty day simple moving average of $12.59 and a 200 day simple moving average of $15.24.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s revenue was down 14.9% on a year-over-year basis. During the same period last year, the firm posted $0.69 EPS. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.23 EPS for the current year.

Institutional Trading of Cleveland-Cliffs

Several hedge funds have recently modified their holdings of the company. Altus Wealth Group LLC lifted its position in Cleveland-Cliffs by 7.2% during the third quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock valued at $152,000 after purchasing an additional 800 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Cleveland-Cliffs by 3.9% during the 3rd quarter. Private Advisor Group LLC now owns 327,990 shares of the mining company’s stock valued at $4,188,000 after buying an additional 12,391 shares in the last quarter. Eastern Bank bought a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at about $64,000. Signaturefd LLC grew its position in Cleveland-Cliffs by 138.8% in the third quarter. Signaturefd LLC now owns 8,682 shares of the mining company’s stock worth $111,000 after acquiring an additional 5,047 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in Cleveland-Cliffs during the third quarter worth approximately $327,000. 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.