Cleveland-Cliffs (NYSE:CLF) Stock Price Down 2.9% - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s share price dropped 2.9% during trading on Wednesday . The stock traded as low as $7.93 and last traded at $8.17. Approximately 4,671,457 shares were traded during trading, a decline of 76% from the average daily volume of 19,525,686 shares. The stock had previously closed at $8.41.

Analysts Set New Price Targets

CLF has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on shares of 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. B. Riley reissued a "buy" rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research cut their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.49.

Cleveland-Cliffs Stock Performance

The stock's 50-day moving average is $8.76 and its 200 day moving average is $10.42. The firm has a market cap of $4.05 billion, a P/E ratio of -8.45 and a beta of 1.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Keith Koci bought 9,500 shares of the stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $10.81 per share, with a total value of $102,695.00. Following the acquisition, the executive vice president now directly owns 543,475 shares of the company's stock, valued at $5,874,964.75. The trade was a 1.78 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John T. Baldwin purchased 4,000 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, for a total transaction 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. This trade represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 23,500 shares of company stock worth $243,095. 1.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd bought a new position in Cleveland-Cliffs during the 4th quarter valued at about $25,000. Estabrook Capital Management boosted its holdings in shares of Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after purchasing an additional 2,700 shares during the last quarter. Byrne Asset Management LLC grew its stake in shares of Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after buying an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter valued at $44,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Cleveland-Cliffs during the third quarter valued at approximately $64,000. Hedge funds and other 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.

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