Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price dropped 3.8% during mid-day trading on Tuesday . The stock traded as low as $6.71 and last traded at $6.91. Approximately 18,602,777 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 16,606,146 shares. The stock had previously closed at $7.18.
Analyst Ratings Changes
Several equities research analysts have commented on CLF shares. B. Riley restated a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $12.74.
Check Out Our Latest Stock Report on CLF
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 stock has a fifty day moving average price of $7.45 and a two-hundred day moving average price of $9.43. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -7.79 and a beta of 2.03.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 EPS. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.
Insider Activity at Cleveland-Cliffs
In related news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction on 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 directly owns 492,249 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now owns 133,227 shares in the company, 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. Insiders own 1.71% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the stock. Pinpoint Asset Management Ltd purchased a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $25,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Cleveland-Cliffs during the 1st quarter valued at $36,000. Estabrook Capital Management increased 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 worth $38,000 after buying an additional 2,700 shares during the last quarter. Byrne Asset Management LLC raised its position 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 during the period. Finally, Stonebridge Financial Group LLC acquired a new position in Cleveland-Cliffs in the fourth quarter valued at $44,000. Institutional investors and hedge funds own 67.68% of the company's stock.
About Cleveland-Cliffs
(
Get Free Report)
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.
Read More
Before you consider Cleveland-Cliffs, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cleveland-Cliffs wasn't on the list.
While Cleveland-Cliffs currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know? MarketBeat just compiled its list of the twelve stocks that corporate insiders are abandoning. Complete the form below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
