Cleveland-Cliffs (NYSE:CLF) Stock Price Down 8.4% – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price was down 8.4% during mid-day trading on Friday . The company traded as low as $9.86 and last traded at $9.8550. Approximately 13,096,418 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 18,243,654 shares. The stock had previously closed at $10.76.

Analysts Set New Price Targets

CLF has been the subject of several recent analyst reports. Barclays started coverage on Cleveland-Cliffs in a research note on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price for the company. Argus raised Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Finally, KeyCorp assumed coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Nine investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $12.90.

Cleveland-Cliffs Trading Down 7.6%

The business’s fifty day moving average is $11.52 and its 200-day moving average is $11.53. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The firm has a market cap of $5.67 billion, a P/E ratio of -4.25 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same period in the previous year, the firm posted ($0.92) EPS. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts predict that Cleveland-Cliffs Inc. will post -0.25 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.95% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio increased its stake in shares of Cleveland-Cliffs by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after buying an additional 943 shares during the period. Moors & Cabot Inc. raised its holdings in Cleveland-Cliffs by 3.0% during the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock worth $404,000 after purchasing an additional 960 shares during the last quarter. Whitcomb & Hess Inc. lifted its position in shares of Cleveland-Cliffs by 3.8% in the 4th quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock worth $357,000 after purchasing an additional 973 shares during the period. Rexford Capital Inc. lifted its position in shares of Cleveland-Cliffs by 11.8% in the 4th quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock worth $126,000 after purchasing an additional 1,000 shares during the period. Finally, Cidel Asset Management Inc. boosted its stake in shares of Cleveland-Cliffs by 6.0% in the 4th quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock valued at $242,000 after purchasing an additional 1,037 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.