Cleveland-Cliffs (NYSE:CLF) Trading Down 1% - Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) fell 1% during mid-day trading on Thursday . The stock traded as low as $9.30 and last traded at $9.47. 3,212,665 shares were traded during mid-day trading, a decline of 74% from the average session volume of 12,574,186 shares. The stock had previously closed at $9.56.

Analyst Ratings Changes

Several brokerages have recently commented on CLF. The Goldman Sachs Group lowered their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Glj Research lowered 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. Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Morgan Stanley reduced their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Finally, B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of "Hold" and a consensus price target of $16.43.

Cleveland-Cliffs Price Performance

The company has a 50 day moving average of $10.38 and a 200 day moving average of $11.29. 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 market cap of $4.67 billion, a price-to-earnings ratio of -9.74 and a beta of 1.94.

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Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released 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). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Jane M. Cronin acquired 10,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 23,500 shares of company stock valued at $243,095. 1.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently modified their holdings of the stock. Commerce Bank boosted its holdings in shares of Cleveland-Cliffs by 342.8% during the third quarter. Commerce Bank now owns 116,870 shares of the mining company's stock worth $1,492,000 after acquiring an additional 90,477 shares during the period. Advisors Asset Management Inc. grew its holdings in Cleveland-Cliffs by 28.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 19,280 shares of the mining company's stock valued at $246,000 after buying an additional 4,215 shares in the last quarter. Moors & Cabot Inc. increased its position in Cleveland-Cliffs by 6.3% during the 3rd quarter. Moors & Cabot Inc. now owns 33,818 shares of the mining company's stock worth $432,000 after buying an additional 2,012 shares during the period. Landscape Capital Management L.L.C. lifted its holdings in shares of Cleveland-Cliffs by 74.6% during the third quarter. Landscape Capital Management L.L.C. now owns 24,088 shares of the mining company's stock worth $308,000 after buying an additional 10,288 shares in the last quarter. 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 valued at $47,902,000 after acquiring an additional 121,389 shares during the period. 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.