Cleveland-Cliffs (NYSE:CLF) Shares Up 2.7% - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shares were up 2.7% during trading on Monday . The stock traded as high as $8.37 and last traded at $8.12. Approximately 4,368,793 shares were traded during trading, a decline of 69% from the average daily volume of 14,271,496 shares. The stock had previously closed at $7.91.

Analysts Set New Price Targets

CLF has been the subject of a number of research analyst reports. Glj Research reduced their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. Morgan Stanley decreased their target price on 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. B. Riley reiterated a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Moderate Buy" and an average price target of $15.49.

Cleveland-Cliffs Trading Down 2.0 %

The stock has a fifty day moving average of $8.69 and a 200 day moving average of $10.40. The company has a market capitalization of $4.07 billion, a P/E ratio of -8.49 and a beta of 1.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John T. Baldwin purchased 4,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This trade represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock valued at $243,095 over the last ninety days. 1.76% of the stock is owned by insiders.

Institutional Trading of Cleveland-Cliffs

Several institutional investors have recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter worth approximately $25,000. Estabrook Capital Management increased its stake in Cleveland-Cliffs by 207.7% in the fourth 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 during the period. Byrne Asset Management LLC lifted its position in shares of Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $44,000. Finally, AllSquare Wealth Management LLC boosted its stake in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after purchasing an additional 1,000 shares during the period. 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.