Cleveland-Cliffs (NYSE:CLF) Trading Down 8.2% – Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price fell 8.2% during mid-day trading on Friday . The company traded as low as $8.64 and last traded at $8.57. 14,815,522 shares changed hands during mid-day trading, an increase of 13% from the average session volume of 13,134,458 shares. The stock had previously closed at $9.33.

Analysts Set New Price Targets

CLF has been the subject of a number of research analyst reports. The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Citigroup lowered their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Morgan Stanley cut their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, Glj Research cut their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.43.

Cleveland-Cliffs Trading Down 8.6 %

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 stock has a market cap of $4.22 billion, a price-to-earnings ratio of -8.79 and a beta of 1.94. The company’s fifty day moving average is $10.30 and its two-hundred day moving average is $11.23.

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 the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other news, Director John T. Baldwin acquired 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The stock was bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jane M. Cronin acquired 10,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 23,500 shares of company stock worth $243,095. Corporate insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently made changes to their positions in the business. Summit Investment Advisors Inc. increased 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 in the last quarter. AllSquare Wealth Management LLC grew its position in shares of Cleveland-Cliffs by 24.4% in 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 increased its stake in Cleveland-Cliffs by 10.0% during the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock valued at $103,000 after purchasing an additional 1,000 shares during the last quarter. Jones Financial Companies Lllp grew its position 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 valued at $63,000 after buying an additional 1,182 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in Cleveland-Cliffs by 11.0% in the fourth 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 during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

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.