Cleveland-Cliffs (NYSE:CLF) Stock Price Down 4.4% - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price fell 4.4% during mid-day trading on Thursday . The stock traded as low as $7.32 and last traded at $7.33. 31,368,450 shares were traded during mid-day trading, an increase of 72% from the average session volume of 18,230,976 shares. The stock had previously closed at $7.67.

Analyst Ratings Changes

Several brokerages recently issued reports on CLF. B. Riley reissued a "buy" rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Morgan Stanley increased their price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research note on Friday. Finally, Glj Research cut 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 note on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus target price of $11.53.

Cleveland-Cliffs Stock Performance

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 stock has a market cap of $3.45 billion, a PE ratio of -2.86 and a beta of 1.85. The business's 50-day moving average price is $7.41 and its 200-day moving average price is $9.02.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The firm's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the previous year, the business 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 Buying and Selling

In other news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the business. Pinpoint Asset Management Ltd acquired a new stake in Cleveland-Cliffs in the 4th quarter worth about $25,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Cleveland-Cliffs in the 1st quarter worth approximately $36,000. Estabrook Capital Management lifted its stake in Cleveland-Cliffs by 207.7% in the 4th 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 in the last quarter. AllSquare Wealth Management LLC lifted its stake in Cleveland-Cliffs by 24.4% in the 4th 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 in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Cleveland-Cliffs by 36.6% in the 1st 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 in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.