Cleveland-Cliffs (NYSE:CLF) Trading Down 6.1% – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price traded down 6.1% on Wednesday . The stock traded as low as $10.63 and last traded at $10.62. Approximately 16,408,246 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 15,837,275 shares. The stock had previously closed at $11.30.

Analysts Set New Price Targets

A number of brokerages have issued reports on CLF. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a research report on Tuesday, January 7th. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Citigroup dropped their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Finally, Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $16.68.

Cleveland-Cliffs Price Performance

The firm has a market capitalization of $5.21 billion, a PE ratio of -10.88 and a beta of 1.96. The stock’s 50 day simple moving average is $10.25 and its two-hundred day simple moving average is $11.86. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Strengthening Families & Communities LLC increased its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $34,000. Blue Trust Inc. lifted its holdings in Cleveland-Cliffs by 231.9% in the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after acquiring an additional 2,539 shares during the last quarter. Finally, Byrne Asset Management LLC grew its position in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.