Cleveland-Cliffs (NYSE:CLF) Sets New 52-Week Low - Here's What Happened

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $9.51 and last traded at $9.54, with a volume of 16899104 shares changing hands. The stock had previously closed at $9.89.

Analysts Set New Price Targets

CLF has been the subject of a number of recent research reports. Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th. Morgan Stanley decreased their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a report on Wednesday, September 18th. 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. StockNews.com cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a "buy" rating and a $16.00 price target on the stock. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $17.22.

Cleveland-Cliffs Stock Down 2.2 %

The firm's 50-day simple moving average is $12.30 and its two-hundred day simple moving average is $13.35. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of -9.62 and a beta of 1.92. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company's quarterly revenue was down 18.5% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS. Sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. grew its stake in Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock worth $330,665,000 after acquiring an additional 3,110,651 shares during the period. Dimensional Fund Advisors LP grew its holdings in Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company's stock valued at $244,794,000 after buying an additional 5,621,797 shares during the period. AQR Capital Management LLC increased its stake in shares of Cleveland-Cliffs by 49.9% during the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company's stock valued at $93,172,000 after acquiring an additional 2,027,757 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company's stock worth $86,148,000 after acquiring an additional 1,069,907 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Cleveland-Cliffs by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company's stock worth $47,902,000 after acquiring an additional 121,389 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.