Cleveland-Cliffs (NYSE:CLF) Shares Down 2.5% – Here’s What Happened

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) fell 2.5% during mid-day trading on Monday . The stock traded as low as $6.74 and last traded at $6.81. 7,528,376 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 18,293,556 shares. The stock had previously closed at $6.98.

Analyst Ratings Changes

CLF has been the topic of a number of analyst reports. B. Riley reissued a “buy” rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley lifted their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research note on Friday. The Goldman Sachs Group cut their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. Finally, Glj Research downgraded Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price on the stock. in a report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.53.

Cleveland-Cliffs Stock Down 0.5%

The company has a market capitalization of $3.43 billion, a P/E ratio of -2.83 and a beta of 1.85. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The stock has a 50 day moving average price of $7.41 and a 200 day moving average price of $9.00.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the prior year, the business posted $0.18 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction that occurred 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 owns 492,249 shares in the company, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.76% of the stock is owned by company insiders.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently bought and sold shares of CLF. Fairfax Financial Holdings Ltd. Can acquired a new position in Cleveland-Cliffs during the fourth quarter worth $55,453,000. Norges Bank acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $45,381,000. Slate Path Capital LP lifted its position in 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 valued at $152,355,000 after acquiring an additional 4,239,000 shares in the last quarter. Woodline Partners LP acquired a new position in Cleveland-Cliffs during the 1st quarter valued at about $22,696,000. Finally, Vanguard Group Inc. increased its holdings in Cleveland-Cliffs by 5.5% during 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 in the last quarter. Institutional investors own 67.68% of the company’s stock.

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.