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

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $5.83, but opened at $7.19. Cleveland-Cliffs shares last traded at $7.39, with a volume of 39,675,067 shares.

Analyst Ratings Changes

Several research firms have recently weighed in on CLF. Glj Research cut shares of 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. The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, B. Riley restated a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus target price of $12.74.

Cleveland-Cliffs Price Performance

The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business's 50-day moving average is $7.45 and its two-hundred day moving average is $9.43. The company has a market capitalization of $3.74 billion, a P/E ratio of -7.79 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results 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 0.59% and a negative net margin of 2.31%. Cleveland-Cliffs's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 EPS. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In other news, Director John T. Baldwin bought 4,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. The trade was a 3.10% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James D. Graham sold 120,000 shares of the company's 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 sale, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company's stock.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently bought and sold shares of the company. Slate Path Capital LP increased its holdings in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the period. Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after buying an additional 1,236,247 shares in the last quarter. Vanguard Group Inc. grew its stake in Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after buying an additional 2,556,332 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cleveland-Cliffs by 22.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock worth $12,209,000 after buying an additional 242,386 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $4,432,000. Institutional investors own 67.68% of the company's stock.

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.