Cleveland-Cliffs (NYSE:CLF) Shares Down 1% – Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF) fell 1% on Thursday . The company traded as low as $9.30 and last traded at $9.47. 3,212,665 shares were traded during mid-day trading, a decline of 74% from the average session volume of 12,574,186 shares. The stock had previously closed at $9.56.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CLF. Glj Research cut 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. Morgan Stanley cut 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. The Goldman Sachs Group cut 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. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, Citigroup reduced their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.43.

Cleveland-Cliffs Stock Performance

The stock has a 50-day moving average of $10.39 and a 200 day moving average of $11.34. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of -9.77 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The firm 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%. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci acquired 9,500 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jane M. Cronin acquired 10,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 23,500 shares of company stock worth $243,095. 1.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the business. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at about $25,000. Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs in the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in Cleveland-Cliffs in the 3rd quarter valued at approximately $34,000. Estabrook Capital Management lifted its stake in Cleveland-Cliffs by 207.7% in the 4th 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 in the last quarter. Finally, Byrne Asset Management LLC lifted its stake in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after acquiring an additional 2,600 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

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.