Cleveland-Cliffs (NYSE:CLF) Reaches New 1-Year Low – Here’s Why

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) hit a new 52-week low during trading on Friday . The company traded as low as $7.25 and last traded at $7.26, with a volume of 33406491 shares traded. The stock had previously closed at $8.73.

Analyst Ratings Changes

CLF has been the topic of several recent analyst reports. Glj Research dropped their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group cut their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Citigroup decreased their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Finally, B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Trading Down 16.9 %

The business’s 50 day simple moving average is $10.11 and its 200 day simple moving average is $11.12. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of -7.48 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The company had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 23,500 shares of company stock worth $243,095. Company insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors have recently modified their holdings of CLF. Summit Investment Advisors Inc. raised its holdings in Cleveland-Cliffs by 1.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company’s stock worth $911,000 after purchasing an additional 932 shares during the last quarter. AllSquare Wealth Management LLC raised its stake in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after buying an additional 1,000 shares during the last quarter. MRP Capital Investments LLC raised its stake in shares of Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock worth $103,000 after buying an additional 1,000 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Cleveland-Cliffs by 21.3% in the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock worth $63,000 after buying an additional 1,182 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in Cleveland-Cliffs by 11.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock valued at $125,000 after acquiring an additional 1,313 shares during the last quarter. Hedge funds and other institutional investors 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.