Cleveland-Cliffs (NYSE:CLF) Hits New 52-Week Low - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $7.25 and last traded at $7.26, with a volume of 33406491 shares trading hands. The stock had previously closed at $8.73.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. 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. Morgan Stanley cut their price target 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. B. Riley reaffirmed a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research decreased 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. Finally, Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. Two equities 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus target price of $16.43.

Cleveland-Cliffs Trading Up 2.6 %

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's 50-day simple moving average is $10.04 and its 200-day simple moving average is $11.08. The firm has a market capitalization of $3.53 billion, a PE ratio of -7.38 and a beta of 1.93.

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Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Equities 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, 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 bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the transaction, the director now directly owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jane M. Cronin bought 10,000 shares of the firm's stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the transaction, 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 disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 23,500 shares of company stock worth $243,095. 1.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CLF. Benjamin Edwards Inc. bought a new position in shares of Cleveland-Cliffs in the 3rd quarter worth approximately $203,000. HighTower Advisors LLC increased its stake in shares of Cleveland-Cliffs by 46.3% in the 3rd quarter. HighTower Advisors LLC now owns 253,742 shares of the mining company's stock worth $3,239,000 after purchasing an additional 80,304 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Cleveland-Cliffs by 987.0% in the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock worth $2,644,000 after purchasing an additional 187,957 shares during the period. National Bank of Canada FI raised its stake in shares of Cleveland-Cliffs by 3,033.4% in the third quarter. National Bank of Canada FI now owns 264,081 shares of the mining company's stock worth $3,372,000 after buying an additional 255,653 shares during the period. Finally, Hodges Capital Management Inc. lifted its position in shares of Cleveland-Cliffs by 33.0% during the 3rd quarter. Hodges Capital Management Inc. now owns 2,925,677 shares of the mining company's stock valued at $37,361,000 after buying an additional 726,043 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other 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.