Cleveland-Cliffs (NYSE:CLF) Trading Down 2.3% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) fell 2.3% during trading on Monday . The stock traded as low as $10.10 and last traded at $10.16. 4,639,686 shares were traded during mid-day trading, a decline of 75% from the average session volume of 18,295,643 shares. The stock had previously closed at $10.39.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CLF. The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Morgan Stanley decreased their price target 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. Citigroup decreased their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned 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 a consensus price target of $16.43.

Cleveland-Cliffs Trading Down 2.1 %

The business’s 50 day moving average price is $10.40 and its two-hundred day moving average price is $11.40. The company has a market capitalization of $5.03 billion, a price-to-earnings ratio of -10.50 and a beta of 1.94. 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) last issued its quarterly 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 during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Equities analysts forecast 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 Jane M. Cronin bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Keith Koci bought 9,500 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 23,500 shares of company stock valued at $243,095. Company insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Strengthening Families & Communities LLC raised its holdings in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares in the last quarter. Pinpoint Asset Management Ltd bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $25,000. Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter valued at approximately $34,000. Finally, Estabrook Capital Management raised its holdings in shares of 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 acquiring an additional 2,700 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile

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.