Cleveland-Cliffs (NYSE:CLF) Stock Price Down 8.4% – Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price traded down 8.4% on Friday . The company traded as low as $9.75 and last traded at $9.78. 9,872,529 shares traded hands during trading, a decline of 46% from the average session volume of 18,155,963 shares. The stock had previously closed at $10.68.

Analysts Set New Price Targets

Several research analysts have commented on the company. KeyCorp lowered Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, January 7th. Wells Fargo & Company upgraded Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $11.00 to $12.00 in a research note on Friday, November 14th. Wall Street Zen upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. The Goldman Sachs Group reissued a “buy” rating and set a $15.00 price target on shares of Cleveland-Cliffs in a research report on Monday, February 9th. Finally, Citigroup increased their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $13.89.

Cleveland-Cliffs Stock Performance

The company has a debt-to-equity ratio of 1.15, a current ratio of 1.95 and a quick ratio of 0.50. The stock has a 50-day moving average price of $12.70 and a 200-day moving average price of $12.32. The firm has a market capitalization of $5.65 billion, a PE ratio of -3.39 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The firm had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.60 billion. During the same quarter last year, the firm earned ($0.68) EPS. Cleveland-Cliffs’s quarterly revenue was down .3% on a year-over-year basis. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In related news, Director Edilson Camara acquired 19,700 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was bought at an average cost of $10.13 per share, with a total value of $199,561.00. Following the acquisition, the director directly owned 41,983 shares in the company, valued at approximately $425,287.79. The trade was a 88.41% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Clifford T. Smith sold 200,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the completion of the sale, the chief operating officer directly owned 560,529 shares of the company’s stock, valued at $5,863,133.34. The trade was a 26.30% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.71% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Strengthening Families & Communities LLC increased its holdings in shares of Cleveland-Cliffs by 4,315.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,942 shares during the period. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the 4th quarter worth about $25,000. IFP Advisors Inc increased its stake in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the period. Winch Advisory Services LLC raised its holdings in shares of Cleveland-Cliffs by 131.3% during the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock valued at $31,000 after buying an additional 2,310 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after buying an additional 1,214 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

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.