Cleveland-Cliffs (NYSE:CLF) Hits New 1-Year High at $22.97

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $22.97 and last traded at $22.82, with a volume of 323787 shares. The stock had previously closed at $22.83.

Analyst Ratings Changes

CLF has been the topic of several analyst reports. Citigroup cut shares of Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 price target on the stock. in a research note on Wednesday, March 13th. TheStreet cut shares of Cleveland-Cliffs from a "b-" rating to a "c" rating in a research report on Tuesday, January 30th. Argus cut shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research report on Thursday, February 8th. Morgan Stanley reissued an "equal weight" rating and issued a $20.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. Finally, BNP Paribas cut shares of Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 target price on the stock. in a research report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.30.

Cleveland-Cliffs Trading Down 1.8 %

The stock has a market capitalization of $11.17 billion, a price-to-earnings ratio of 29.10, a PEG ratio of 0.77 and a beta of 2.03. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. The business's 50-day simple moving average is $20.53 and its two-hundred day simple moving average is $18.36.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.05). The firm had revenue of $5.11 billion for the quarter, compared to analysts' expectations of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. Cleveland-Cliffs's revenue was up 1.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.30) earnings per share. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post 1.84 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the sale, the chief executive officer now owns 2,699,089 shares in the company, valued at $54,494,606.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the sale, the executive vice president now owns 534,617 shares in the company, valued at $10,793,917.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the sale, the chief executive officer now owns 2,699,089 shares of the company's stock, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Insiders have sold 221,066 shares of company stock worth $4,464,688 over the last 90 days. Company insiders own 1.57% of the company's stock.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Korea Investment CORP boosted its holdings in Cleveland-Cliffs by 30.6% in the third quarter. Korea Investment CORP now owns 514,890 shares of the mining company's stock worth $8,048,000 after purchasing an additional 120,540 shares during the period. Barclays PLC boosted its holdings in Cleveland-Cliffs by 240.4% in the third quarter. Barclays PLC now owns 1,988,689 shares of the mining company's stock worth $31,083,000 after purchasing an additional 1,404,491 shares during the period. Douglas Lane & Associates LLC boosted its holdings in Cleveland-Cliffs by 55.5% in the third quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company's stock worth $27,251,000 after purchasing an additional 621,937 shares during the period. Aigen Investment Management LP acquired a new position in Cleveland-Cliffs in the third quarter worth $4,970,000. Finally, Handelsinvest Investeringsforvaltning acquired a new position in Cleveland-Cliffs in the third quarter worth $3,908,000. 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.