Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price shot up 3% during mid-day trading on Friday . The stock traded as high as $7.40 and last traded at $7.40. 7,690,721 shares changed hands during trading, a decline of 57% from the average session volume of 17,822,721 shares. The stock had previously closed at $7.18.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on CLF. B. Riley restated a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a report on Wednesday, May 28th. Finally, 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 report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, three have issued 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, the company currently has an average rating of "Hold" and a consensus price target of $12.03.
Read Our Latest Research Report on CLF
Cleveland-Cliffs Price Performance
The company has a 50 day simple moving average of $7.42 and a 200-day simple moving average of $9.20. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of -7.38 and a beta of 1.85. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The company 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 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs's revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.18 EPS. Research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.
Insiders Place Their Bets
In related news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president now directly owns 492,249 shares in the company, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.71% of the company's stock.
Institutional Trading of Cleveland-Cliffs
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Focus Partners Wealth acquired a new stake in Cleveland-Cliffs in the first quarter valued at $339,000. Woodline Partners LP acquired a new stake in Cleveland-Cliffs during the 1st quarter worth about $22,696,000. First Dallas Securities Inc. grew its holdings in Cleveland-Cliffs by 21.7% during the 1st quarter. First Dallas Securities Inc. now owns 245,240 shares of the mining company's stock worth $2,016,000 after acquiring an additional 43,740 shares during the period. Scientech Research LLC acquired a new stake in Cleveland-Cliffs during the 1st quarter worth about $794,000. Finally, NewEdge Advisors LLC grew its holdings in Cleveland-Cliffs by 3.6% during 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 period. 67.68% of the stock is currently owned by institutional investors and hedge funds.
About Cleveland-Cliffs
(
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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.
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