Cleveland-Cliffs (NYSE:CLF) Trading 4.1% Higher - Time to Buy?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) traded up 4.1% during mid-day trading on Tuesday . The company traded as high as $7.25 and last traded at $7.21. 8,826,025 shares were traded during trading, a decline of 52% from the average session volume of 18,343,927 shares. The stock had previously closed at $6.92.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. B. Riley restated a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research downgraded 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 price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, The Goldman Sachs Group decreased 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. Two research analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average price target of $11.53.

Cleveland-Cliffs Stock Performance

The stock has a market cap of $3.50 billion, a P/E ratio of -2.90 and a beta of 1.85. The business has a 50 day moving average price of $7.40 and a 200 day moving average price of $8.96. 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 net margin of 6.35% and a negative return on equity of 12.84%. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the prior year, the company posted $0.18 EPS. The company's quarterly revenue was down 11.0% compared to the same quarter last year. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In related 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 value of $822,000.00. Following the transaction, the executive vice president now owns 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CLF. Slate Path Capital LP boosted its position in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after acquiring an additional 4,239,000 shares in the last quarter. Bank of New York Mellon Corp boosted its position 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 in the last quarter. Vanguard Group Inc. boosted its position in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after acquiring an additional 2,556,332 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Cleveland-Cliffs by 22.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock valued at $12,209,000 after acquiring an additional 242,386 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cleveland-Cliffs during the 4th quarter valued at $4,432,000. Institutional investors own 67.68% of the company's stock.

About Cleveland-Cliffs

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.