Cleveland-Cliffs (NYSE:CLF) Trading Down 6.1% - Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) fell 6.1% on Wednesday . The stock traded as low as $10.63 and last traded at $10.62. 16,408,246 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 15,837,275 shares. The stock had previously closed at $11.30.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Morgan Stanley cut their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a "buy" rating and a $16.00 price objective for the company. Finally, Glj Research raised shares of Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price target for the company in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and an average price target of $16.68.

Cleveland-Cliffs Stock Performance

The stock has a 50-day moving average of $10.17 and a 200 day moving average of $11.74. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a market capitalization of $5.94 billion, a P/E ratio of -12.40 and a beta of 1.96.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after acquiring an additional 2,556,332 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock valued at $330,665,000 after acquiring an additional 3,110,651 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Cleveland-Cliffs by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after acquiring an additional 647,282 shares during the last quarter. Slate Path Capital LP increased its position in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock worth $79,611,000 after purchasing an additional 264,078 shares during the last quarter. 67.68% of the stock is 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.