Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) saw unusually large options trading activity on Tuesday. Traders acquired 75,548 call options on the company. This is an increase of approximately 39% compared to the average volume of 54,372 call options.
Insiders Place Their Bets
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 shares were acquired at an average price 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. The trade was a 3.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the transaction, the executive vice president now directly owns 492,249 shares in the company, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The disclosure for this sale can be found here. 1.76% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Cleveland-Cliffs
A number of institutional investors have recently added to or reduced their stakes in the company. Slate Path Capital LP increased its position in shares of Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Cleveland-Cliffs by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the last quarter. Stonegate Investment Group LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $18,999,000. Vanguard Group Inc. increased its position in shares of Cleveland-Cliffs by 5.5% in 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 last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $4,432,000. Institutional investors and hedge funds own 67.68% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have recently commented on CLF. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. B. Riley reissued a "buy" rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Glj Research downgraded 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 note on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $12.74.
Check Out Our Latest Stock Report on Cleveland-Cliffs
Cleveland-Cliffs Stock Down 0.8%
CLF stock traded down $0.05 during trading on Friday, reaching $5.85. The stock had a trading volume of 35,132,332 shares, compared to its average volume of 16,179,256. Cleveland-Cliffs has a 1-year low of $5.63 and a 1-year high of $17.41. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $2.89 billion, a P/E ratio of -6.03 and a beta of 2.03. The firm has a fifty day moving average price of $7.54 and a 200 day moving average price of $9.50.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the prior year, the firm earned $0.18 EPS. The business's quarterly revenue was down 11.0% compared to the same quarter last year. On average, equities analysts anticipate that Cleveland-Cliffs will post -0.79 earnings per share for the current year.
Cleveland-Cliffs Company Profile
(
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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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