Cleveland-Cliffs (NYSE:CLF) Trading Down 8.2% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) traded down 8.2% on Friday . The company traded as low as $8.64 and last traded at $8.57. 14,815,522 shares traded hands during trading, an increase of 13% from the average session volume of 13,134,458 shares. The stock had previously closed at $9.33.

Wall Street Analyst Weigh In

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

Cleveland-Cliffs Trading Down 8.6 %

The company has a fifty day moving average of $10.30 and a 200-day moving average of $11.23. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of -8.79 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

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

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This trade represents 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 purchased 9,500 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 23,500 shares of company stock valued at $243,095. Corporate insiders own 1.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Fairfax Financial Holdings Ltd. Can acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter worth approximately $55,453,000. Norges Bank acquired a new stake in Cleveland-Cliffs during the fourth quarter worth $45,381,000. Slate Path Capital LP raised its position in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after purchasing an additional 2,176,837 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.