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. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.
Cleveland-Cliffs Stock Down 6.1 %
Shares of CLF traded down $1.19 during mid-day trading on Wednesday, reaching $18.47. The company had a trading volume of 13,375,182 shares, compared to its average volume of 20,227,268. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.75 and a current ratio of 2.20. The firm has a 50-day moving average price of $16.99 and a 200 day moving average price of $22.25. Cleveland-Cliffs has a 52 week low of $14.31 and a 52 week high of $34.04. The company has a market capitalization of $9.55 billion, a price-to-earnings ratio of 2.78 and a beta of 2.24.
Cleveland-Cliffs (NYSE:CLF - Get Rating) last issued its quarterly earnings results on Friday, July 22nd. The mining company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $1.40 by ($0.27). The company had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $6.13 billion. Cleveland-Cliffs had a return on equity of 64.45% and a net margin of 15.07%. The business's revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 earnings per share. On average, sell-side analysts forecast that Cleveland-Cliffs will post 4.91 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on CLF shares. Clarkson Capital restated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, June 14th. JPMorgan Chase & Co. cut their price objective on Cleveland-Cliffs from $43.00 to $37.00 in a research report on Tuesday, June 14th. Credit Suisse Group cut their price objective on Cleveland-Cliffs from $37.00 to $30.00 and set an "outperform" rating on the stock in a research report on Thursday, July 21st. The Goldman Sachs Group cut their price objective on Cleveland-Cliffs from $26.00 to $24.00 in a research report on Tuesday, July 12th. Finally, Morgan Stanley cut their price objective on Cleveland-Cliffs from $16.00 to $14.50 and set an "equal weight" rating on the stock in a research report on Monday, July 25th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $27.92.
Insider Activity at Cleveland-Cliffs
In other Cleveland-Cliffs news, Director Douglas C. Taylor sold 28,150 shares of the business's stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $23.12, for a total transaction of $650,828.00. Following the completion of the sale, the director now directly owns 156,974 shares in the company, valued at approximately $3,629,238.88. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Cleveland-Cliffs news, Director Douglas C. Taylor sold 28,150 shares of the business's stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $23.12, for a total transaction of $650,828.00. Following the completion of the sale, the director now directly owns 156,974 shares in the company, valued at approximately $3,629,238.88. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Celso L. Goncalves, Jr. bought 5,000 shares of the firm's stock in a transaction on Tuesday, August 16th. The shares were bought at an average price of $19.36 per share, with a total value of $96,800.00. Following the completion of the purchase, the chief financial officer now owns 148,285 shares in the company, valued at approximately $2,870,797.60. The disclosure for this purchase can be found here. 1.43% of the stock is currently owned by insiders.