Cleveland-Cliffs (NYSE:CLF) Stock Price Down 3.8% - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s share price traded down 3.8% on Monday . The company traded as low as $8.48 and last traded at $8.49. 9,228,084 shares traded hands during trading, a decline of 52% from the average session volume of 19,101,773 shares. The stock had previously closed at $8.82.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research report on Wednesday, May 28th. B. Riley reissued a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group cut their target price on shares of 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 boosted their target price 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, June 20th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $10.23.

Cleveland-Cliffs Price Performance

The stock's 50-day moving average price is $7.51 and its 200 day moving average price is $8.78. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -3.64 and a beta of 1.91. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data 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 net margin of 6.35% and a negative return on equity of 12.84%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same period in the prior year, the company posted $0.18 EPS. The firm's quarterly revenue was down 11.0% on a year-over-year basis. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In related 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 completion of the transaction, the executive vice president owned 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Fairfax Financial Holdings Ltd. Can bought a new stake in Cleveland-Cliffs during the fourth quarter worth about $55,453,000. Norges Bank bought a new stake in Cleveland-Cliffs during the fourth quarter worth about $45,381,000. Slate Path Capital LP grew its stake in Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after buying an additional 4,239,000 shares during the last quarter. Woodline Partners LP bought a new stake in Cleveland-Cliffs during the first quarter worth about $22,696,000. Finally, Vanguard Group Inc. grew its stake in Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after buying an additional 2,556,332 shares during the last quarter. 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.