Cleveland-Cliffs (NYSE:CLF) Shares Up 6.8% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price traded up 6.8% on Wednesday . The stock traded as high as $8.70 and last traded at $8.65. 17,917,375 shares traded hands during trading, an increase of 34% from the average session volume of 13,383,220 shares. The stock had previously closed at $8.10.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Morgan Stanley lowered their price target on 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. Glj Research dropped their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. Citigroup reduced their price objective 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. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, 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 note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $16.43.

Cleveland-Cliffs Price Performance

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a fifty day simple moving average of $10.18 and a 200 day simple moving average of $11.16. The company has a market capitalization of $4.28 billion, a PE ratio of -8.92 and a beta of 1.94.

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

Insider Activity

In related news, EVP Keith Koci bought 9,500 shares of the business’s stock in a transaction on Friday, February 28th. The shares were bought at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The stock was 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 $1,159,074.90. This represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 23,500 shares of company stock worth $243,095. Corporate insiders own 1.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Estabrook Capital Management grew its position in Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after purchasing an additional 2,700 shares during the last quarter. Byrne Asset Management LLC increased its stake in Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth $44,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth $64,000. 67.68% of the stock is owned by institutional investors and hedge funds.

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.