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

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) traded down 2.3% during mid-day trading on Monday . The company traded as low as $10.10 and last traded at $10.16. 4,639,686 shares changed hands during 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

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

Cleveland-Cliffs Price Performance

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 company has a market capitalization of $5.03 billion, a P/E ratio of -10.50 and a beta of 1.94. The company’s 50-day simple moving average is $10.40 and its 200 day simple moving average is $11.40.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John T. Baldwin bought 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jane M. Cronin bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 23,500 shares of company stock valued at $243,095. Company insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently bought and sold shares of the stock. Jefferies Financial Group Inc. raised its stake in shares of Cleveland-Cliffs by 1,151.4% in the 4th quarter. Jefferies Financial Group Inc. now owns 150,037 shares of the mining company’s stock valued at $1,410,000 after buying an additional 138,047 shares in the last quarter. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $407,000. Toronto Dominion Bank raised its stake in shares of Cleveland-Cliffs by 9,170.9% in the 4th quarter. Toronto Dominion Bank now owns 69,995 shares of the mining company’s stock valued at $658,000 after buying an additional 69,240 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cleveland-Cliffs by 22.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock valued at $12,209,000 after buying an additional 242,386 shares in the last quarter. Finally, Wexford Capital LP raised its stake in shares of Cleveland-Cliffs by 1,212.0% in the 4th quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company’s stock valued at $9,578,000 after buying an additional 941,284 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.