Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price rose 3.5% on Tuesday . The stock traded as high as $7.51 and last traded at $7.57. Approximately 7,366,120 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 17,963,111 shares. The stock had previously closed at $7.31.
Analyst Ratings Changes
Several analysts have commented on the stock. Morgan Stanley lifted their price objective 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. The Goldman Sachs Group reduced their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. 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. Finally, Glj Research downgraded Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $11.53.
Check Out Our Latest Stock Report on CLF
Cleveland-Cliffs Stock Performance
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's fifty day moving average price is $7.41 and its two-hundred day moving average price is $9.04. The stock has a market capitalization of $3.45 billion, a PE ratio of -2.86 and a beta of 1.85.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates 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 quarterly revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.
Insider Activity at Cleveland-Cliffs
In other news, EVP James D. Graham sold 120,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.71% of the stock is owned by company insiders.
Hedge Funds Weigh In On Cleveland-Cliffs
A number of large investors have recently added to or reduced their stakes in the stock. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $25,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $36,000. Estabrook Capital Management increased its stake in 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 in the last quarter. AllSquare Wealth Management LLC raised its holdings in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after acquiring an additional 1,664 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.
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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