Cleveland-Cliffs (NYSE:CLF) Trading Down 3.1% – What’s Next?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) dropped 3.1% on Monday . The company traded as low as $7.27 and last traded at $7.38. Approximately 5,730,257 shares changed hands during trading, a decline of 62% from the average daily volume of 15,197,244 shares. The stock had previously closed at $7.61.

Analyst Ratings Changes

Several analysts have recently commented on the company. Morgan Stanley lowered their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. B. Riley reaffirmed a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research reduced their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a report on Monday, May 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.02.

Cleveland-Cliffs Stock Down 3.4%

The stock has a 50-day simple moving average of $8.17 and a two-hundred day simple moving average of $9.91. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a market cap of $3.63 billion, a PE ratio of -7.58 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.71 billion. During the same quarter in the previous year, the business earned $0.18 EPS. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci bought 9,500 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, with a total value 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 $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 SEC, which is available at this link. Also, Director John T. Baldwin bought 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 over the last 90 days. Corporate insiders own 1.71% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Large investors have recently bought and sold shares of the company. Woodline Partners LP bought a new stake in shares of Cleveland-Cliffs in the 1st quarter worth approximately $22,696,000. First Dallas Securities Inc. boosted its position in shares of Cleveland-Cliffs by 21.7% in the 1st quarter. First Dallas Securities Inc. now owns 245,240 shares of the mining company’s stock worth $2,016,000 after purchasing an additional 43,740 shares in the last quarter. Scientech Research LLC bought a new stake in shares of Cleveland-Cliffs in the 1st quarter worth approximately $794,000. NewEdge Advisors LLC boosted its position in shares of Cleveland-Cliffs by 3.6% in the 1st quarter. NewEdge Advisors LLC now owns 520,716 shares of the mining company’s stock worth $4,280,000 after purchasing an additional 17,993 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. boosted its position in shares of Cleveland-Cliffs by 9.8% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,180,000 shares of the mining company’s stock worth $9,700,000 after purchasing an additional 105,000 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

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.