Cleveland-Cliffs (NYSE:CLF) Shares Gap Down - What's Next?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $9.87, but opened at $9.54. Cleveland-Cliffs shares last traded at $9.61, with a volume of 1,948,382 shares changing hands.

Analyst Ratings Changes

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

Cleveland-Cliffs Stock Down 3.6%

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 company has a market cap of $4.71 billion, a PE ratio of -3.92 and a beta of 1.91. The firm has a fifty day simple moving average of $7.57 and a 200 day simple moving average of $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 firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The business's revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

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

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Matrix Trust Co raised 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 valued at $310,000 after purchasing an additional 14,065 shares in the last quarter. Farther Finance Advisors LLC raised its position 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 valued at $284,000 after purchasing an additional 4,082 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at approximately $8,155,000. Byrne Asset Management LLC raised its position in shares of Cleveland-Cliffs by 44.2% in the 2nd quarter. Byrne Asset Management LLC now owns 9,159 shares of the mining company's stock valued at $70,000 after purchasing an additional 2,806 shares in the last quarter. Finally, Atwood & Palmer Inc. acquired a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at approximately $27,000. 67.68% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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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