Cleveland-Cliffs (NYSE:CLF) Trading Down 1.3% - Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) fell 1.3% during trading on Wednesday . The company traded as low as $8.81 and last traded at $8.77. 4,635,255 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 19,202,486 shares. The stock had previously closed at $8.88.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CLF. Morgan Stanley raised their target price on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a report on Friday, June 20th. The Goldman Sachs Group reduced 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. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Finally, B. Riley reiterated a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $10.23.

Cleveland-Cliffs Trading Up 0.5%

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 has a market capitalization of $4.41 billion, a P/E ratio of -3.66 and a beta of 1.91. The business has a 50 day moving average of $7.51 and a 200-day moving average of $8.78.

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). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same quarter last year, the company earned $0.18 EPS. The firm's quarterly revenue was down 11.0% compared to the same quarter last year. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated 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 owned 492,249 shares of the company's stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.71% of the company's stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its stake in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after acquiring an additional 1,182 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Cleveland-Cliffs by 11.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company's stock worth $39,256,000 after purchasing an additional 425,041 shares during the last quarter. Victory Capital Management Inc. grew its position in Cleveland-Cliffs by 19.9% in the fourth quarter. Victory Capital Management Inc. now owns 2,787,870 shares of the mining company's stock valued at $26,206,000 after purchasing an additional 461,874 shares in the last quarter. Arizona State Retirement System increased its stake in Cleveland-Cliffs by 4.5% in the 4th quarter. Arizona State Retirement System now owns 143,006 shares of the mining company's stock valued at $1,344,000 after buying an additional 6,097 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Cleveland-Cliffs during the 4th quarter worth about $7,835,000. 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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