Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price dropped 4.4% on Thursday . The stock traded as low as $7.32 and last traded at $7.33. Approximately 31,368,450 shares changed hands during mid-day trading, an increase of 72% from the average daily volume of 18,230,976 shares. The stock had previously closed at $7.67.
Wall Street Analyst Weigh In
CLF has been the subject of several research reports. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $12.03.
Read Our Latest Stock Analysis on CLF
Cleveland-Cliffs Stock Performance
The firm's 50 day moving average price is $7.42 and its two-hundred day moving average price is $9.12. The firm has a market cap of $3.63 billion, a PE ratio of -3.00 and a beta of 1.85. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS 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 net margin of 6.35% and a negative return on equity of 12.84%. The company's revenue was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.
Insider Transactions at Cleveland-Cliffs
In related news, EVP James D. Graham sold 120,000 shares of the 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 completion of the transaction, the executive vice president now owns 492,249 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Company insiders own 1.71% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Voya Investment Management LLC lifted its stake in Cleveland-Cliffs by 123.1% during the 1st quarter. Voya Investment Management LLC now owns 657,499 shares of the mining company's stock worth $5,405,000 after acquiring an additional 362,730 shares in the last quarter. Focus Partners Wealth purchased a new stake in Cleveland-Cliffs during the first quarter worth about $339,000. Woodline Partners LP acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth about $22,696,000. First Dallas Securities Inc. lifted its position in shares of Cleveland-Cliffs by 21.7% during the first quarter. First Dallas Securities Inc. now owns 245,240 shares of the mining company's stock worth $2,016,000 after purchasing an additional 43,740 shares in the last quarter. Finally, Scientech Research LLC purchased a new position in shares of Cleveland-Cliffs in the first quarter valued at approximately $794,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.
Cleveland-Cliffs Company Profile
(
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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.
Further Reading
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