Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $8.02, but opened at $7.52. Cleveland-Cliffs shares last traded at $7.37, with a volume of 10,436,318 shares.
Analysts Set New Price Targets
CLF has been the topic of several analyst reports. The Goldman Sachs Group cut their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. Finally, B. Riley reissued 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. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Hold" and an average target price of $12.03.
Check Out Our Latest Report on CLF
Cleveland-Cliffs Price Performance
The company has a 50-day moving average of $7.42 and a 200-day moving average of $9.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of -7.40 and a beta of 1.85.
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 for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the previous year, the firm posted $0.18 EPS. The business's quarterly revenue was down 11.0% compared to the same quarter last year. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS 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 stock in a transaction dated 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 transaction, the executive vice president now owns 492,249 shares in the company, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.71% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of CLF. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs during the first quarter worth $36,000. Estabrook Capital Management boosted its holdings in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after purchasing an additional 2,700 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth $44,000. Finally, AllSquare Wealth Management LLC grew its position in Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after purchasing an additional 1,000 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.
About Cleveland-Cliffs
(
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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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