Cleveland-Cliffs (NYSE:CLF) Stock Price Down 1.4% – Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price was down 1.4% during mid-day trading on Thursday . The stock traded as low as $7.18 and last traded at $7.27. Approximately 4,486,712 shares changed hands during trading, a decline of 75% from the average daily volume of 17,777,317 shares. The stock had previously closed at $7.37.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CLF shares. B. Riley reiterated a “buy” rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. The Goldman Sachs Group lowered their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. Finally, Glj Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and an average target price of $12.03.

Cleveland-Cliffs Stock Performance

The stock has a 50 day moving average price of $7.42 and a two-hundred day moving average price of $9.22. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -7.38 and a beta of 1.85. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 EPS. On average, analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president now owns 492,249 shares in the company, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds have recently modified their holdings of the business. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Estabrook Capital Management raised its position in Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after buying an additional 2,700 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Cleveland-Cliffs in the 1st quarter valued at approximately $36,000. Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at approximately $44,000. Finally, AllSquare Wealth Management LLC raised its position in Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after buying an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

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.