Cleveland-Cliffs (NYSE:CLF) Stock Price Down 0.7% - Here's What Happened

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price was down 0.7% during mid-day trading on Monday . The company traded as low as $8.60 and last traded at $8.81. Approximately 3,605,905 shares were traded during trading, a decline of 75% from the average daily volume of 14,380,686 shares. The stock had previously closed at $8.88.

Analysts Set New Price Targets

Several research firms have weighed in on CLF. The Goldman Sachs Group dropped their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Glj Research dropped their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. Finally, B. Riley restated a "buy" rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of "Moderate Buy" and a consensus target price of $15.49.

Cleveland-Cliffs Stock 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 firm has a 50-day moving average price of $8.47 and a two-hundred day moving average price of $10.24. The firm has a market cap of $3.54 billion, a PE ratio of -7.39 and a beta of 2.03.

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

Insider Buying and Selling

In related news, Director John T. Baldwin acquired 4,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares in the company, 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 at the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the business's stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock worth $243,095 in the last ninety days. 1.71% of the stock is owned by corporate insiders.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently bought and sold shares of the company. Summit Investment Advisors Inc. increased its holdings in Cleveland-Cliffs by 1.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock valued at $911,000 after buying an additional 932 shares during the last quarter. AllSquare Wealth Management LLC boosted its position in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after buying an additional 1,000 shares during the period. MRP Capital Investments LLC raised its stake in Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock valued at $103,000 after acquiring an additional 1,000 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Cleveland-Cliffs by 21.3% during the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock valued at $63,000 after purchasing an additional 1,182 shares during the period. Finally, Louisiana State Employees Retirement System lifted its position in Cleveland-Cliffs by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock worth $1,115,000 after purchasing an additional 1,200 shares during the period. Institutional investors and hedge funds 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.