Cleveland-Cliffs (NYSE:CLF) Stock Price Up 5.5% - Here's What Happened

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) was up 5.5% on Thursday . The stock traded as high as $7.49 and last traded at $7.43. Approximately 9,834,605 shares traded hands during trading, a decline of 47% from the average daily volume of 18,447,003 shares. The stock had previously closed at $7.04.

Wall Street Analyst Weigh In

CLF has been the topic of a number of research analyst reports. 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. Morgan Stanley upped their target price on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research report on Friday, June 20th. B. Riley restated a "buy" rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus target price of $11.53.

Cleveland-Cliffs Price Performance

The company has a market capitalization of $3.69 billion, a P/E ratio of -3.06 and a beta of 1.85. The business's 50-day moving average is $7.40 and its two-hundred day moving average is $8.94. 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 earnings results 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 return on equity of 12.84% and a negative net margin of 6.35%. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The company's revenue for the quarter was down 11.0% on a year-over-year basis. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the business'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 sale, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.71% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position 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 purchasing an additional 2,556,332 shares during the period. Dimensional Fund Advisors LP boosted its holdings 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 during the period. Slate Path Capital LP boosted its holdings 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 during the period. Geode Capital Management LLC grew its stake 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 valued at $79,611,000 after buying an additional 264,078 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the period. Institutional investors 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.

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