Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) was down 1.2% during trading on Wednesday . The stock traded as low as $7.00 and last traded at $7.09. Approximately 4,744,758 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 18,389,626 shares. The stock had previously closed at $7.17.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on CLF. B. Riley reaffirmed a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley lifted their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a report on Friday, June 20th. The Goldman Sachs Group lowered their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $11.53.
View Our Latest Analysis on Cleveland-Cliffs
Cleveland-Cliffs Stock Performance
The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of -3.05 and a beta of 1.85. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13. The stock's fifty day moving average is $7.40 and its two-hundred day moving average is $8.90.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $4.71 billion. During the same period in the previous year, the company earned $0.18 earnings per share. The business's quarterly revenue was down 11.0% on a year-over-year basis. Analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.
Insider Buying and Selling at Cleveland-Cliffs
In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.71% of the stock is owned by insiders.
Institutional Investors Weigh In On Cleveland-Cliffs
A number of institutional investors have recently modified their holdings of CLF. Summit Investment Advisors Inc. increased its holdings in Cleveland-Cliffs by 1.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock valued at $911,000 after buying an additional 932 shares during the last quarter. AllSquare Wealth Management LLC grew its position in shares of Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after acquiring an additional 1,000 shares in the last quarter. MRP Capital Investments LLC increased its holdings in shares of Cleveland-Cliffs by 10.0% in the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock valued at $103,000 after acquiring an additional 1,000 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock valued at $63,000 after acquiring an additional 1,182 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in Cleveland-Cliffs by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock worth $1,115,000 after purchasing an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.
Cleveland-Cliffs Company Profile
(
Get Free Report)
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.
Further Reading
Before you consider Cleveland-Cliffs, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cleveland-Cliffs wasn't on the list.
While Cleveland-Cliffs currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Enter your email address and below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
