Cleveland-Cliffs (NYSE:CLF) Stock Price Down 8.6% - Time to Sell?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) were down 8.6% during trading on Thursday . The company traded as low as $7.07 and last traded at $7.27. Approximately 7,023,895 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 13,992,248 shares. The stock had previously closed at $7.95.

Analysts Set New Price Targets

A number of brokerages have recently commented on CLF. The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Citigroup dropped their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Finally, Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $16.24.

Cleveland-Cliffs Trading Down 0.7 %

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The business's 50-day moving average is $9.51 and its 200 day moving average is $10.79. The firm has a market capitalization of $3.52 billion, a P/E ratio of -7.33 and a beta of 1.93.

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). The business had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Jane M. Cronin purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the transaction, the director now directly owns 133,227 shares of the company's stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 23,500 shares of company stock valued at $243,095 in the last three months. Corporate insiders own 1.76% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. increased its stake in shares of Cleveland-Cliffs by 1.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock valued at $911,000 after purchasing an additional 932 shares during the last quarter. AllSquare Wealth Management LLC raised its stake in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after acquiring an additional 1,000 shares in the last quarter. MRP Capital Investments LLC raised its stake in Cleveland-Cliffs by 10.0% during the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock worth $103,000 after acquiring an additional 1,000 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Cleveland-Cliffs by 21.3% in the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after acquiring an additional 1,182 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Cleveland-Cliffs by 11.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock valued at $125,000 after purchasing an additional 1,313 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.