Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) were down 4.1% during trading on Wednesday . The stock traded as low as $7.37 and last traded at $7.35. Approximately 23,498,678 shares changed hands during trading, an increase of 29% from the average daily volume of 18,176,222 shares. The stock had previously closed at $7.67.
Analysts Set New Price Targets
Several analysts recently commented on CLF shares. Morgan Stanley increased their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a research note on Friday. B. Riley reissued a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note 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 note on Monday, May 12th. Finally, 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 note on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and an average target price of $11.53.
View Our Latest Stock Analysis on CLF
Cleveland-Cliffs Trading Down 4.7%
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 has a market cap of $3.45 billion, a PE ratio of -2.86 and a beta of 1.85. The company's 50-day moving average is $7.41 and its 200 day moving average is $9.02.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS 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 analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The firm's revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 EPS. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.
Insider Activity at Cleveland-Cliffs
In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.71% of the stock is owned by insiders.
Institutional Investors Weigh In On Cleveland-Cliffs
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Cleveland-Cliffs by 5.5% in the 4th 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in Cleveland-Cliffs by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock worth $199,724,000 after buying an additional 647,282 shares in the last quarter. Slate Path Capital LP lifted its position in Cleveland-Cliffs by 35.4% in the 4th 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 in the last quarter. Geode Capital Management LLC lifted its position in Cleveland-Cliffs by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock worth $79,611,000 after buying an additional 264,078 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Cleveland-Cliffs by 20.1% in 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 buying an additional 1,236,247 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.
Cleveland-Cliffs Company Profile
(
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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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