Cleveland-Cliffs (NYSE:CLF) Shares Down 7.5% - Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shares fell 7.5% on Wednesday . The stock traded as low as $7.22 and last traded at $7.42. 16,452,348 shares traded hands during mid-day trading, a decline of 7% from the average session volume of 17,726,782 shares. The stock had previously closed at $8.02.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Glj Research downgraded Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Finally, B. Riley reiterated a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average target price of $12.03.

Cleveland-Cliffs Price Performance

The stock has a market capitalization of $3.58 billion, a P/E ratio of -7.46 and a beta of 1.85. The business has a fifty day simple moving average of $7.42 and a 200 day simple moving average of $9.25. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company's quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 EPS. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Activity

In related news, EVP James D. Graham sold 120,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president now directly owns 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CLF. Pinpoint Asset Management Ltd purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth about $25,000. Estabrook Capital Management raised its position in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after acquiring an additional 2,700 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Cleveland-Cliffs in the first quarter valued at about $36,000. Stonebridge Financial Group LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $44,000. Finally, AllSquare Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after purchasing an additional 1,000 shares during 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.