Cleveland-Cliffs (NYSE:CLF) Shares Down 9.4% – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price fell 9.4% during trading on Monday. The company traded as low as $11.27 and last traded at $11.0340. Approximately 8,563,831 shares changed hands during trading, a decline of 54% from the average daily volume of 18,497,555 shares. The stock had previously closed at $12.18.

Analyst Upgrades and Downgrades

CLF has been the topic of several analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Glj Research boosted their target price on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a “buy” rating in a research note on Monday, September 21st. Wells Fargo & Company upped their target price on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Monday, August 24th. Bank of America decreased their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. raised their price target on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, September 9th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.25.

Cleveland-Cliffs Trading Down 7.8%

The stock has a 50-day moving average of $11.81 and a 200 day moving average of $10.87. The stock has a market cap of $6.40 billion, a PE ratio of -6.94 and a beta of 2.10. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.50) earnings per share. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.04 earnings per share for the current year.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds have recently modified their holdings of the stock. IFP Advisors Inc raised its holdings in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares during the period. Baird Financial Group Inc. boosted its holdings in Cleveland-Cliffs by 4.2% during the 2nd quarter. Baird Financial Group Inc. now owns 37,026 shares of the mining company’s stock valued at $348,000 after acquiring an additional 1,496 shares during the period. Versant Capital Management Inc grew its position in Cleveland-Cliffs by 24.3% in the 2nd quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock valued at $77,000 after acquiring an additional 1,614 shares in the last quarter. ProShare Advisors LLC increased its stake in Cleveland-Cliffs by 8.6% during the fourth quarter. ProShare Advisors LLC now owns 22,847 shares of the mining company’s stock worth $303,000 after purchasing an additional 1,805 shares during the period. Finally, Center for Financial Planning Inc. increased its stake in Cleveland-Cliffs by 119.0% during the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after purchasing an additional 1,805 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.