Cleveland-Cliffs (NYSE:CLF) Hits New 12-Month Low - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s share price reached a new 52-week low during trading on Monday . The company traded as low as $8.98 and last traded at $8.99, with a volume of 8575389 shares. The stock had previously closed at $9.81.

Wall Street Analysts Forecast Growth

CLF has been the topic of several recent analyst reports. The Goldman Sachs Group dropped their price objective 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 lowered their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley lowered 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 research note on Monday, February 3rd. Finally, Glj Research reduced their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $16.43.

Cleveland-Cliffs Stock Performance

The business has a 50 day moving average price of $10.38 and a two-hundred day moving average price of $11.45. The stock has a market cap of $5.10 billion, a P/E ratio of -10.68 and a beta of 1.94. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

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

Insiders Place Their Bets

In other news, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John T. Baldwin bought 4,000 shares of the stock in a transaction dated 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 acquisition, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock valued at $243,095 over the last ninety days. 1.76% of the stock is owned by insiders.

Institutional Trading of Cleveland-Cliffs

Institutional investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. boosted its holdings in Cleveland-Cliffs by 1.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock valued at $911,000 after acquiring an additional 932 shares during the period. AllSquare Wealth Management LLC grew its holdings in shares of Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after purchasing an additional 1,000 shares during the last quarter. MRP Capital Investments LLC lifted its holdings in Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock valued at $103,000 after buying an additional 1,000 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Cleveland-Cliffs by 21.3% in the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock valued at $63,000 after buying an additional 1,182 shares during the period. 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 worth $125,000 after acquiring an additional 1,313 shares in the last quarter. 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.