Cleveland-Cliffs (NYSE:CLF) Trading Down 1.6% - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price fell 1.6% during mid-day trading on Thursday . The stock traded as low as $5.78 and last traded at $5.85. 10,469,140 shares were traded during mid-day trading, a decline of 34% from the average session volume of 15,849,851 shares. The stock had previously closed at $5.94.

Analyst Ratings Changes

Several brokerages have recently issued reports on CLF. 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 note on Wednesday. B. Riley restated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group dropped their price target 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. Finally, Morgan Stanley dropped their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus price target of $12.74.

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 market cap of $2.89 billion, a price-to-earnings ratio of -6.03 and a beta of 2.03. The stock has a fifty day moving average price of $7.54 and a 200-day moving average price of $9.52.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $4.63 billion for the quarter, compared to analysts' expectations of $4.71 billion. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The firm's revenue for the quarter was down 11.0% compared to the same quarter last year. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 value of $822,000.00. Following the completion of the transaction, the executive vice president now owns 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares of the company's stock, valued at $1,159,074.90. The trade was a 3.10% increase in their position. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by insiders.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently added to or reduced their stakes in CLF. Barclays PLC increased its position in shares of Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Cleveland-Cliffs by 27.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 138,553 shares of the mining company's stock worth $1,302,000 after acquiring an additional 29,532 shares in the last quarter. Capital Investment Advisory Services LLC boosted its stake in shares of Cleveland-Cliffs by 13.5% during the 4th quarter. Capital Investment Advisory Services LLC now owns 22,525 shares of the mining company's stock worth $212,000 after acquiring an additional 2,685 shares in the last quarter. Sonora Investment Management Group LLC boosted its stake in shares of Cleveland-Cliffs by 16.8% during the 4th quarter. Sonora Investment Management Group LLC now owns 707,220 shares of the mining company's stock worth $6,648,000 after acquiring an additional 101,964 shares in the last quarter. Finally, Hunter Associates Investment Management LLC boosted its stake in shares of Cleveland-Cliffs by 271.3% during the 4th quarter. Hunter Associates Investment Management LLC now owns 47,900 shares of the mining company's stock worth $451,000 after acquiring an additional 35,000 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.