Cleveland-Cliffs (NYSE:CLF) Stock Price Down 1.4% - Here's What Happened

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) traded down 1.4% during trading on Thursday . The company traded as low as $7.18 and last traded at $7.27. 4,486,712 shares traded hands during trading, a decline of 75% from the average session volume of 17,777,317 shares. The stock had previously closed at $7.37.

Analyst Ratings Changes

A number of analysts recently commented on the stock. B. Riley reissued a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $12.03.

Cleveland-Cliffs Stock Down 0.3%

The company has a market cap of $3.54 billion, a PE ratio of -7.38 and a beta of 1.85. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm's fifty day simple moving average is $7.42 and its 200-day simple moving average is $9.20.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced 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). The business 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 2.31% and a negative return on equity of 0.59%. The firm's revenue for the quarter was down 11.0% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the company's 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 transaction, the executive vice president now owns 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.71% of the company's stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently modified their holdings of the company. Summit Investment Advisors Inc. increased its position in Cleveland-Cliffs by 1.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock worth $911,000 after purchasing an additional 932 shares during the last quarter. AllSquare Wealth Management LLC increased its position in 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 last quarter. MRP Capital Investments LLC increased its position in Cleveland-Cliffs by 10.0% during the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock worth $103,000 after purchasing an additional 1,000 shares during the last quarter. Jones Financial Companies Lllp increased its position in Cleveland-Cliffs by 21.3% during the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after purchasing an additional 1,182 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Cleveland-Cliffs by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock worth $1,115,000 after purchasing an additional 1,200 shares during the last quarter. Hedge funds and other 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.