Cleveland-Cliffs (NYSE:CLF) Shares Down 3.1% - Should You Sell?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) dropped 3.1% on Friday . The stock traded as low as $5.68 and last traded at $5.72. Approximately 6,774,737 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 15,952,973 shares. The stock had previously closed at $5.90.

Analyst Upgrades and Downgrades

CLF has been the subject of several research analyst reports. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research report on Wednesday. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, B. Riley reiterated a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $12.74.

Cleveland-Cliffs Price Performance

The business's 50 day moving average is $7.54 and its 200-day moving average is $9.49. The firm has a market capitalization of $2.89 billion, a P/E ratio of -6.03 and a beta of 2.03. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same period last year, the business earned $0.18 earnings per share. The business's revenue was down 11.0% compared to the same quarter last year. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the sale, the executive vice president now directly owns 492,249 shares of the company's stock, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John T. Baldwin bought 4,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Slate Path Capital LP grew its position in Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after purchasing an additional 4,239,000 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of 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 during the period. Vanguard Group Inc. grew its position in shares of 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 during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $4,432,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cleveland-Cliffs by 22.9% in 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 buying an additional 242,386 shares in the last quarter. Institutional investors and hedge funds 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.