Cleveland-Cliffs (NYSE:CLF) Trading 3.5% Higher - What's Next?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shot up 3.5% during mid-day trading on Tuesday . The company traded as high as $7.51 and last traded at $7.57. 7,366,120 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 17,963,111 shares. The stock had previously closed at $7.31.

Analyst Upgrades and Downgrades

CLF has been the topic of a number of research reports. The Goldman Sachs Group cut their target price 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. B. Riley reiterated a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Finally, Glj Research cut shares of 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 note on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $12.03.

Cleveland-Cliffs Trading Up 6.4%

The firm has a market capitalization of $3.85 billion, a P/E ratio of -8.02 and a beta of 1.85. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock has a 50 day simple moving average of $7.43 and a 200-day simple moving average of $9.14.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm's revenue was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.18 earnings per share. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.71% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fairfax Financial Holdings Ltd. Can bought a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $55,453,000. Norges Bank bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $45,381,000. Slate Path Capital LP grew 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 valued at $152,355,000 after purchasing an additional 4,239,000 shares in the last quarter. Woodline Partners LP purchased a new stake in Cleveland-Cliffs during the first quarter valued at $22,696,000. Finally, Vanguard Group Inc. increased its stake 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 acquiring an additional 2,556,332 shares during the last quarter. 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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