Cleveland-Cliffs (NYSE:CLF) Shares Down 8.6% - Here's Why

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shares were down 8.6% on Thursday . The company traded as low as $7.07 and last traded at $7.27. Approximately 7,023,895 shares were traded during trading, a decline of 50% from the average daily volume of 13,992,248 shares. The stock had previously closed at $7.95.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CLF shares. Morgan Stanley lowered their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. Citigroup reduced their target price 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. Glj Research lowered their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. One research analyst has 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, the company has a consensus rating of "Moderate Buy" and an average price target of $16.24.

Cleveland-Cliffs Price Performance

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 stock has a market cap of $3.53 billion, a PE ratio of -7.37 and a beta of 1.93. The company's fifty day moving average is $9.58 and its 200 day moving average is $10.81.

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Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its 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). The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. lifted its position in Cleveland-Cliffs by 1.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock worth $911,000 after purchasing an additional 932 shares during the period. AllSquare Wealth Management LLC boosted its stake in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after buying an additional 1,000 shares in the last quarter. MRP Capital Investments LLC grew its holdings in Cleveland-Cliffs by 10.0% during the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock worth $103,000 after acquiring an additional 1,000 shares during the period. Jones Financial Companies Lllp raised its position in Cleveland-Cliffs by 21.3% in the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after acquiring an additional 1,182 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in Cleveland-Cliffs by 11.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock valued at $125,000 after acquiring an additional 1,313 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

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.