Cleveland-Cliffs (NYSE:CLF) Trading Down 1.7% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) fell 1.7% on Friday . The stock traded as low as $9.04 and last traded at $9.37. 5,557,580 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 12,622,716 shares. The stock had previously closed at $9.53.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CLF. Glj Research reduced their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Citigroup lowered 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. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. The Goldman Sachs Group lowered their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Morgan Stanley lowered their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Stock Down 0.9 %

The business has a fifty day moving average of $10.38 and a 200-day moving average of $11.29. 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 cap of $4.67 billion, a PE ratio of -9.74 and a beta of 1.94.

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

Insider Activity at Cleveland-Cliffs

In other news, EVP Keith Koci bought 9,500 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the transaction, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 23,500 shares of company stock valued at $243,095 in the last ninety days. Company insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. grew its position in Cleveland-Cliffs by 1.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company’s stock worth $911,000 after purchasing an additional 932 shares during the period. AllSquare Wealth Management LLC boosted its stake in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after acquiring an additional 1,000 shares in the last quarter. MRP Capital Investments LLC boosted its stake in shares of Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock worth $103,000 after acquiring an additional 1,000 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock worth $63,000 after acquiring an additional 1,182 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Cleveland-Cliffs by 11.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock worth $125,000 after acquiring an additional 1,313 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

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.