Cleveland-Cliffs (NYSE:CLF) Trading 2.3% Higher - Still a Buy?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) were up 2.3% during trading on Monday . The stock traded as high as $7.33 and last traded at $7.34. Approximately 7,797,375 shares were traded during trading, a decline of 56% from the average daily volume of 17,899,613 shares. The stock had previously closed at $7.17.

Analyst Ratings Changes

Several equities analysts recently commented on the company. B. Riley reissued a "buy" rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. The Goldman Sachs Group dropped 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. Finally, 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 report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $12.03.

Cleveland-Cliffs Stock Performance

The stock has a 50-day simple moving average of $7.43 and a 200-day simple moving average of $9.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market cap of $3.78 billion, a P/E ratio of -7.89 and a beta of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) 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 company had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. During the same period in the previous year, the company posted $0.18 earnings per share. The company's quarterly revenue was down 11.0% compared to the same quarter last year. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president now owns 492,249 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.71% of the company's stock.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds have recently made changes to their positions in the business. Focus Partners Wealth purchased a new stake in Cleveland-Cliffs during the first quarter valued at approximately $339,000. Woodline Partners LP acquired a new position in Cleveland-Cliffs in the 1st quarter worth approximately $22,696,000. First Dallas Securities Inc. boosted its position in Cleveland-Cliffs by 21.7% in the 1st 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. Scientech Research LLC purchased a new position in Cleveland-Cliffs in the 1st quarter valued at $794,000. Finally, NewEdge Advisors LLC increased its stake in shares of Cleveland-Cliffs by 3.6% in the 1st quarter. NewEdge Advisors LLC now owns 520,716 shares of the mining company's stock worth $4,280,000 after acquiring an additional 17,993 shares during the last quarter. Institutional investors 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.