Cleveland-Cliffs (NYSE:CLF) Shares Up 3% - Time to Buy?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) traded up 3% during trading on Tuesday . The company traded as high as $9.64 and last traded at $9.57. 4,846,936 shares changed hands during trading, a decline of 62% from the average session volume of 12,774,881 shares. The stock had previously closed at $9.29.

Analyst Upgrades and Downgrades

CLF has been the subject of several research analyst reports. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. 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. Glj Research decreased their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a report on Thursday, February 27th. 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 note on Thursday, December 19th. Finally, The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have issued 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, the stock has an average rating of "Hold" and a consensus target price of $16.43.

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Cleveland-Cliffs Trading Down 8.6 %

The business's 50 day simple moving average is $10.26 and its 200-day simple moving average is $11.21. The stock has a market capitalization of $4.22 billion, a P/E ratio of -8.79 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director John T. Baldwin acquired 4,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now owns 133,227 shares of the company's stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Keith Koci bought 9,500 shares of the company's stock in a transaction on Friday, February 28th. The shares were bought at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock valued at $243,095 in the last 90 days. 1.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $25,000. Estabrook Capital Management lifted its holdings in shares of 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 purchasing an additional 2,700 shares in the last quarter. Byrne Asset Management LLC boosted its position in shares of Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after buying an additional 2,600 shares during the period. Stonebridge Financial Group LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $44,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Cleveland-Cliffs during the third quarter worth about $64,000. 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.