Cleveland-Cliffs (NYSE:CLF) Stock Price Down 8.9% Following Analyst Downgrade

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report)'s stock price traded down 8.9% during mid-day trading on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $17.00 to $15.00. The Goldman Sachs Group currently has a buy rating on the stock. Cleveland-Cliffs traded as low as $9.22 and last traded at $9.20. 8,008,598 shares changed hands during trading, a decline of 52% from the average session volume of 16,664,221 shares. The stock had previously closed at $10.09.

Several other analysts have also recently commented on the stock. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Glj Research decreased 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 note on Thursday, February 27th. StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Citigroup cut their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. Finally, B. Riley restated a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $16.43.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci bought 9,500 shares of the stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This trade represents a 1.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.76% of the company's stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently added to or reduced their stakes in the company. Strengthening Families & Communities LLC boosted its position in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after purchasing an additional 1,490 shares during the period. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter worth about $25,000. Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in Cleveland-Cliffs during the 3rd quarter worth approximately $34,000. Finally, Estabrook Capital Management grew its position in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 5.9 %

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 firm's 50 day moving average price is $10.35 and its two-hundred day moving average price is $11.59. The firm has a market capitalization of $4.96 billion, a PE ratio of -10.34 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.