Cleveland-Cliffs (NYSE:CLF) Stock Price Down 4.1% - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price fell 4.1% during trading on Wednesday . The stock traded as low as $7.37 and last traded at $7.35. 23,498,678 shares changed hands during mid-day trading, an increase of 29% from the average session volume of 18,176,222 shares. The stock had previously closed at $7.67.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CLF. The Goldman Sachs Group lowered their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Glj Research cut 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 research report on Wednesday, May 28th. Finally, 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 report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $12.03.

Cleveland-Cliffs Stock Performance

The business's fifty day moving average is $7.43 and its two-hundred day moving average is $9.13. The stock has a market capitalization of $3.63 billion, a PE ratio of -3.00 and a beta of 1.85. 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 released its quarterly earnings data 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 business 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%. Cleveland-Cliffs's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.18 EPS. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the business's 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 sale, the executive vice president now owns 492,249 shares in the company, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 2,556,332 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after purchasing an additional 647,282 shares in the last quarter. Slate Path Capital LP raised its holdings in shares of Cleveland-Cliffs by 35.4% in 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. Geode Capital Management LLC raised its holdings in shares of Cleveland-Cliffs by 3.2% in the fourth 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 during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Cleveland-Cliffs by 20.1% in the fourth 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 during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.

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