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

Cleveland-Cliffs (NYSE:CLF) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

CLF has been the subject of a number of other research reports. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Trading Down 3.6 %

Shares of CLF stock opened at $12.87 on Thursday. The firm has a 50-day moving average price of $12.63 and a 200 day moving average price of $14.51. Cleveland-Cliffs has a twelve month low of $10.21 and a twelve month high of $22.97. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of -13.26 and a beta of 1.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last announced its 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.58%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period in the previous year, the firm posted $0.54 EPS. The company’s revenue for the quarter was down 18.5% compared to the same quarter last year. Research analysts forecast that Cleveland-Cliffs will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently modified their holdings of CLF. Dimensional Fund Advisors LP grew its holdings in shares of Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after purchasing an additional 5,621,797 shares during the period. AQR Capital Management LLC grew its holdings in shares of Cleveland-Cliffs by 49.9% during the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares during the period. International Assets Investment Management LLC boosted its holdings in Cleveland-Cliffs by 1,893.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock worth $156,800,000 after acquiring an additional 1,166,258 shares during the period. Bank of New York Mellon Corp boosted its holdings in Cleveland-Cliffs by 23.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after acquiring an additional 1,069,907 shares during the period. Finally, WINTON GROUP Ltd boosted its holdings in Cleveland-Cliffs by 1,650.8% in the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock worth $13,458,000 after acquiring an additional 824,518 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.