Cleveland-Cliffs (NYSE:CLF) Reaches New 52-Week Low – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $9.13 and last traded at $9.21, with a volume of 5881481 shares trading hands. The stock had previously closed at $9.35.

Wall Street Analyst Weigh In

CLF has been the topic of several analyst reports. The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup lowered their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, Morgan Stanley decreased their target price on 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. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.22.

Cleveland-Cliffs Price Performance

The stock has a fifty day moving average of $11.92 and a 200-day moving average of $13.10. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $4.55 billion, a P/E ratio of -9.49 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same period in the prior year, the company posted $0.54 EPS. The firm’s quarterly revenue was down 18.5% compared to the same quarter last year. Equities analysts predict that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its holdings in Cleveland-Cliffs by 105.6% in the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after purchasing an additional 134,939 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Cleveland-Cliffs during the third quarter worth about $64,000. Arete Wealth Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter worth about $1,222,000. Neo Ivy Capital Management bought a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at about $1,444,000. Finally, First Dallas Securities Inc. grew its position in shares of Cleveland-Cliffs by 27.9% in the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after purchasing an additional 45,150 shares during the period. Institutional investors own 67.68% of the company’s stock.

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.