Cleveland-Cliffs (NYSE:CLF) Trading Down 1.7% - Here's What Happened

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shares dropped 1.7% during mid-day trading on Friday . The stock traded as low as $9.04 and last traded at $9.37. Approximately 5,557,580 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 12,622,716 shares. The stock had previously closed at $9.53.

Analyst Ratings Changes

Several research analysts have commented on CLF shares. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Citigroup decreased their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, December 19th. Glj Research cut 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 report on Thursday, February 27th. The Goldman Sachs Group reduced their price objective 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. Finally, Morgan Stanley lowered their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Two investment 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 stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $16.43.

Remove Ads

Cleveland-Cliffs Stock Performance

The business has a fifty day moving average of $10.38 and a 200-day moving average of $11.29. The company has a market cap of $4.57 billion, a PE ratio of -9.54 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations of $4.46 billion. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Jane M. Cronin purchased 10,000 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, 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 purchased a total of 23,500 shares of company stock valued at $243,095 over the last three months. Corporate insiders own 1.76% of the company's stock.

Institutional Trading of Cleveland-Cliffs

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