Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price fell 3.9% during mid-day trading on Friday . The company traded as low as $9.12 and last traded at $9.17. 7,828,229 shares were traded during trading, a decline of 12% from the average session volume of 8,911,181 shares. The stock had previously closed at $9.54.
Wall Street Analyst Weigh In
CLF has been the topic of a number of recent analyst reports. Morgan Stanley cut their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a research report on Wednesday, September 18th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a "buy" rating and a $16.00 price target on the stock. Citigroup dropped their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Finally, StockNews.com cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $17.22.
Read Our Latest Research Report on CLF
Cleveland-Cliffs Trading Down 0.4 %
The stock has a 50-day moving average of $11.44 and a two-hundred day moving average of $12.87. The company has a market cap of $4.69 billion, a P/E ratio of -9.79 and a beta of 1.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. Cleveland-Cliffs's revenue was down 18.5% compared to the same quarter last year. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.
Institutional Investors Weigh In On Cleveland-Cliffs
Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in Cleveland-Cliffs by 1,190.6% during the 4th quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company's stock valued at $50,000 after purchasing an additional 4,917 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock valued at $3,429,000 after buying an additional 134,939 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Cleveland-Cliffs in the 3rd quarter worth about $64,000. Arete Wealth Advisors LLC purchased a new position in Cleveland-Cliffs in the 3rd quarter worth about $1,222,000. Finally, Neo Ivy Capital Management bought a new position in Cleveland-Cliffs during the 3rd quarter valued at about $1,444,000. Institutional investors own 67.68% of the company's stock.
About Cleveland-Cliffs
(
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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.
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