Cleveland-Cliffs (NYSE:CLF) Stock Price Down 2.3% - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s share price traded down 2.3% on Monday . The stock traded as low as $10.10 and last traded at $10.16. 4,639,686 shares changed hands during trading, a decline of 75% from the average session volume of 18,295,643 shares. The stock had previously closed at $10.39.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CLF shares. 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 research note on Thursday, February 27th. Citigroup cut their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. 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. The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Finally, B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $16.43.

Cleveland-Cliffs Trading Down 0.9 %

The company has a market cap of $4.67 billion, a P/E ratio of -9.74 and a beta of 1.94. 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 business has a fifty day moving average price of $10.38 and a 200-day moving average price of $11.29.

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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 (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In related news, Director John T. Baldwin purchased 4,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Keith Koci acquired 9,500 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the transaction, the executive vice president now directly owns 543,475 shares of the company's stock, valued at $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 23,500 shares of company stock valued at $243,095. 1.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth $25,000. Darwin Wealth Management LLC acquired a new position in Cleveland-Cliffs during the third quarter worth about $34,000. Truvestments Capital LLC bought a new position in shares of Cleveland-Cliffs in the third quarter worth about $34,000. Estabrook Capital Management boosted its stake in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after purchasing an additional 2,700 shares in the last quarter. Finally, Byrne Asset Management LLC grew its holdings in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. 67.68% of the stock is currently owned by 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.