Cleveland-Cliffs (NYSE:CLF) Shares Down 1.8% - Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price dropped 1.8% during trading on Tuesday . The company traded as low as $9.32 and last traded at $9.32. Approximately 3,052,179 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 19,520,248 shares. The stock had previously closed at $9.49.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CLF shares. Morgan Stanley increased their target price on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research report on Friday, June 20th. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $7.50 price target on shares of Cleveland-Cliffs in a report on Monday. The Goldman Sachs Group lowered their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Hold" and a consensus price target of $9.78.

Cleveland-Cliffs Price Performance

The stock has a market cap of $4.52 billion, a P/E ratio of -3.74 and a beta of 1.91. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17. The firm's fifty day moving average price is $7.57 and its 200-day moving average price is $8.78.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The business had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company's quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 EPS. Analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.76% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. MFA Wealth Advisors LLC bought a new stake in Cleveland-Cliffs during the second quarter worth about $193,000. Golden State Equity Partners boosted its position in shares of Cleveland-Cliffs by 16.9% in the 2nd quarter. Golden State Equity Partners now owns 15,200 shares of the mining company's stock worth $116,000 after purchasing an additional 2,200 shares in the last quarter. Matrix Trust Co boosted its position in shares of Cleveland-Cliffs by 52.7% in the 2nd quarter. Matrix Trust Co now owns 40,757 shares of the mining company's stock worth $310,000 after purchasing an additional 14,065 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Cleveland-Cliffs by 12.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 37,431 shares of the mining company's stock worth $284,000 after buying an additional 4,082 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Cleveland-Cliffs during the 2nd quarter valued at approximately $8,155,000. Hedge funds and other 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.

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