Cleveland-Cliffs (NYSE:CLF) Trading Down 6.2% on Insider Selling

Cleveland-Cliffs Inc. (NYSE:CLF) shares fell 6.2% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $12.70 and last traded at $12.6940. 3,000,461 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 18,105,971 shares. The stock had previously closed at $13.53.

Specifically, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CLF. The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a research report on Friday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. Glj Research reissued a “sell” rating and issued a $9.42 price target on shares of Cleveland-Cliffs in a research note on Monday, March 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Reduce” and a consensus price target of $11.99.

Cleveland-Cliffs Trading Down 6.7%

The company’s fifty day simple moving average is $10.47 and its two-hundred day simple moving average is $11.51. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of -5.46 and a beta of 2.09. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.04. The company had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm’s revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.92) EPS. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

A number of large investors have recently bought and sold shares of CLF. Focus Partners Wealth acquired a new position in shares of Cleveland-Cliffs in the first quarter valued at approximately $339,000. Prudential Financial Inc. lifted its position in Cleveland-Cliffs by 27.4% in the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after acquiring an additional 10,733 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Cleveland-Cliffs by 4.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock worth $1,088,000 after purchasing an additional 6,073 shares during the period. CW Advisors LLC increased its holdings in Cleveland-Cliffs by 47.4% during the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after purchasing an additional 7,127 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Cleveland-Cliffs by 20.3% in the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock valued at $23,417,000 after purchasing an additional 520,120 shares during the period. 67.68% of the stock is owned by institutional investors.

About Cleveland-Cliffs

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.