Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) was down 1.6% during mid-day trading on Thursday . The company traded as low as $5.78 and last traded at $5.85. Approximately 10,469,140 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 15,849,851 shares. The stock had previously closed at $5.94.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on CLF shares. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a research note on Wednesday, May 28th. The Goldman Sachs Group dropped their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. B. Riley restated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Finally, Morgan Stanley dropped their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $12.74.
Read Our Latest Research Report on CLF
Cleveland-Cliffs Stock Performance
The firm has a fifty day moving average price of $7.54 and a 200 day moving average price of $9.49. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a market cap of $3.57 billion, a PE ratio of -7.44 and a beta of 2.03.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued 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 analyst estimates of $4.71 billion. During the same period in the prior year, the business posted $0.18 EPS. Cleveland-Cliffs's revenue was down 11.0% compared to the same quarter last year. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.
Insider Buying and Selling at Cleveland-Cliffs
In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president now owns 492,249 shares in the company, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.71% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Cleveland-Cliffs
Hedge funds and other institutional investors have recently bought and sold shares of the business. Fairfax Financial Holdings Ltd. Can acquired a new position in Cleveland-Cliffs during the fourth quarter valued at $55,453,000. Norges Bank acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at about $45,381,000. Slate Path Capital LP boosted its stake in shares of Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after buying an additional 4,239,000 shares during the last quarter. Woodline Partners LP purchased a new stake in shares of Cleveland-Cliffs in the first quarter worth about $22,696,000. Finally, Vanguard Group Inc. grew its stake in shares of Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.
Cleveland-Cliffs Company Profile
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Get Free Report)
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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