Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s share price was down 2.5% on Monday . The company traded as low as $6.74 and last traded at $6.81. Approximately 7,528,376 shares changed 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.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on CLF shares. Morgan Stanley upped their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a report on Friday, June 20th. B. Riley restated a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. 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. Finally, The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $11.53.
Check Out Our Latest Report on Cleveland-Cliffs
Cleveland-Cliffs Stock Up 5.6%
The firm has a 50 day moving average of $7.40 and a 200-day moving average of $8.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64. The stock has a market capitalization of $3.68 billion, a P/E ratio of -3.05 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 analysts' consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted $0.18 earnings per share. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the transaction, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.71% of the company's stock.
Hedge Funds Weigh In On Cleveland-Cliffs
A number of hedge funds have recently modified their holdings of CLF. State of New Jersey Common Pension Fund D grew its position in Cleveland-Cliffs by 3.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 190,235 shares of the mining company's stock valued at $1,788,000 after acquiring an additional 7,168 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Cleveland-Cliffs by 2.6% in the 4th quarter. Principal Financial Group Inc. now owns 1,114,888 shares of the mining company's stock valued at $10,480,000 after purchasing an additional 28,184 shares in the last quarter. Atria Wealth Solutions Inc. bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $108,000. Bank of New York Mellon Corp increased its position in shares of Cleveland-Cliffs by 20.1% during 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 purchasing an additional 1,236,247 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in Cleveland-Cliffs by 3.8% during the 4th quarter. Amalgamated Bank now owns 234,212 shares of the mining company's stock valued at $2,202,000 after purchasing an additional 8,596 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.
About Cleveland-Cliffs
(
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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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