Cleveland-Cliffs (NYSE:CLF) Stock Price Up 2.7% - Time to Buy?

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

Analyst Ratings Changes

Several brokerages have recently issued reports on CLF. B. Riley reissued a "buy" rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Finally, Glj Research cut their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Cleveland-Cliffs Trading Up 2.6 %

The business has a 50 day simple moving average of $8.64 and a 200-day simple moving average of $10.37. 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 capitalization of $4.18 billion, a price-to-earnings ratio of -8.72 and a beta of 1.93.

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

Insiders Place Their Bets

In related news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Baldwin bought 4,000 shares of the stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 23,500 shares of company stock worth $243,095 over the last three months. Insiders own 1.76% of the company's stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kerntke Otto McGlone Wealth Management Group increased its stake in Cleveland-Cliffs by 6.0% in the first quarter. Kerntke Otto McGlone Wealth Management Group now owns 42,964 shares of the mining company's stock valued at $353,000 after purchasing an additional 2,440 shares in the last quarter. CWM LLC boosted its holdings in Cleveland-Cliffs by 316.2% during the first quarter. CWM LLC now owns 53,671 shares of the mining company's stock worth $441,000 after purchasing an additional 40,774 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Cleveland-Cliffs by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock worth $1,115,000 after buying an additional 1,200 shares during the last quarter. Stephens Inc. AR increased its position in shares of Cleveland-Cliffs by 132.8% during the 1st quarter. Stephens Inc. AR now owns 32,964 shares of the mining company's stock valued at $271,000 after purchasing an additional 18,805 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new stake in Cleveland-Cliffs during the first quarter worth about $168,000. 67.68% of the stock is 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.