Cleveland-Cliffs (NYSE:CLF) Stock Price Down 2.5% - Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shares traded down 2.5% on Monday . The stock traded as low as $6.74 and last traded at $6.81. Approximately 7,528,376 shares traded hands during trading, a decline of 59% from the average daily volume of 18,293,556 shares. The stock had previously closed at $6.98.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Morgan Stanley boosted their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research report on Friday. B. Riley reissued a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have issued 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, the stock currently has an average rating of "Hold" and a consensus price target of $11.53.

Cleveland-Cliffs Stock Down 0.5%

The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The firm's 50 day moving average price is $7.41 and its two-hundred day moving average price is $9.00. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of -2.83 and a beta of 1.85.

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 (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the prior year, the company earned $0.18 EPS. Cleveland-Cliffs's quarterly revenue was down 11.0% on a year-over-year basis. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling 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 shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the transaction, the executive vice president now directly owns 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.76% of the company's stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently made changes to their positions in the company. Pinpoint Asset Management Ltd acquired a new position in Cleveland-Cliffs in the 4th quarter valued at $25,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Cleveland-Cliffs in the first quarter valued at about $36,000. Estabrook Capital Management grew its stake in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares in the last quarter. AllSquare Wealth Management LLC increased its position in 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 acquiring an additional 1,000 shares during the period. Finally, Fifth Third Bancorp raised its stake in Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after purchasing an additional 1,664 shares in the last quarter. Institutional investors 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.

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