Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $6.04 and last traded at $6.21, with a volume of 16456180 shares trading hands. The stock had previously closed at $6.48.
Analyst Ratings Changes
Several equities research analysts have recently commented on the stock. B. Riley reaffirmed a "buy" rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a research report on Wednesday. Finally, The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $12.74.
Check Out Our Latest Report on CLF
Cleveland-Cliffs Trading Down 0.8%
The stock has a market cap of $2.89 billion, a PE ratio of -6.03 and a beta of 2.03. The company has a 50 day moving average of $7.54 and a two-hundred day moving average of $9.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. During the same period in the prior year, the business posted $0.18 earnings per share. The business's quarterly revenue was down 11.0% on a year-over-year basis. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.
Insider Transactions at Cleveland-Cliffs
In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. This represents a 3.10% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president now directly owns 492,249 shares of the company's stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.76% of the company's stock.
Institutional Trading of Cleveland-Cliffs
A number of large investors have recently made changes to their positions in CLF. Pinpoint Asset Management Ltd acquired a new stake in Cleveland-Cliffs during the fourth quarter worth about $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs during the 1st quarter worth $36,000. Estabrook Capital Management raised its stake in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after buying an additional 2,700 shares in the last quarter. Byrne Asset Management LLC raised its holdings in shares of Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after purchasing an additional 2,600 shares during the period. Finally, Stonebridge Financial Group LLC bought a new position in Cleveland-Cliffs in the fourth quarter worth about $44,000. Institutional investors and hedge funds own 67.68% of the company's stock.
About Cleveland-Cliffs
(
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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.
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