Cleveland-Cliffs (NYSE:CLF) Sets New 12-Month Low - Here's What Happened

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) hit a new 52-week low during trading on Saturday . The stock traded as low as $8.48 and last traded at $8.53, with a volume of 31119879 shares traded. The stock had previously closed at $9.33.

Analysts Set New Price Targets

A number of research firms have weighed in on CLF. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a report on Thursday, February 27th. 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 report on Tuesday, March 4th. Citigroup lowered their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. B. Riley restated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, Morgan Stanley reduced their price objective on 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and an average target price of $16.43.

Cleveland-Cliffs Stock Down 1.6 %

The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average of $10.18 and a 200 day moving average of $11.16. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of -8.34 and a beta of 1.94.

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Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results 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 analysts' expectations of $4.46 billion. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Activity

In related news, EVP Keith Koci purchased 9,500 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was acquired 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 owns 543,475 shares of the company's stock, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $8.70 per share, for a total transaction 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 23,500 shares of company stock worth $243,095 over the last ninety days. Corporate insiders own 1.76% of the company's stock.

Institutional Trading of Cleveland-Cliffs

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position 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 worth $458,267,000 after acquiring an additional 2,556,332 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Cleveland-Cliffs by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock worth $199,724,000 after purchasing an additional 647,282 shares during the last quarter. Slate Path Capital LP boosted its holdings 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 worth $152,355,000 after purchasing an additional 4,239,000 shares during the period. Geode Capital Management LLC increased its stake in Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock valued at $79,611,000 after purchasing an additional 264,078 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the period. 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.