Cleveland-Cliffs (NYSE:CLF) Trading Down 1.2% - Here's Why

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price dropped 1.2% on Friday . The company traded as low as $7.28 and last traded at $7.24. Approximately 10,321,093 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 18,205,376 shares. The stock had previously closed at $7.33.

Analyst Upgrades and Downgrades

CLF has been the topic of a number of analyst reports. Glj Research cut 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. B. Riley restated a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Finally, The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $12.03.

Cleveland-Cliffs Stock Down 2.5%

The firm has a fifty day moving average price of $7.42 and a 200 day moving average price of $9.08. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17. The company has a market cap of $3.53 billion, a P/E ratio of -2.94 and a beta of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same period last year, the company earned $0.18 EPS. The company's revenue was down 11.0% compared to the same quarter last year. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Activity

In other news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction 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 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 legal filing with the SEC, which is available through this link. 1.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in the stock. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth about $36,000. Estabrook Capital Management raised its position in shares of Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after purchasing an additional 2,700 shares during the period. AllSquare Wealth Management LLC raised its position 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 worth $48,000 after purchasing an additional 1,000 shares during the period. Finally, Fifth Third Bancorp raised its position in shares of Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after purchasing an additional 1,664 shares during the period. Institutional investors and hedge funds 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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