Cleveland-Cliffs (NYSE:CLF) Trading Down 2.3% - Here's What Happened

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) fell 2.3% on Monday . The company traded as low as $10.10 and last traded at $10.16. 4,639,686 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 18,295,643 shares. The stock had previously closed at $10.39.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CLF. Glj Research lowered their target price on 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 reiterated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Finally, Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, December 19th. Two analysts have rated the stock with a sell rating, four have assigned 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.com, the company presently has an average rating of "Hold" and a consensus price target of $16.43.

Cleveland-Cliffs Stock Performance

The company has a market cap of $4.72 billion, a PE ratio of -9.84 and a beta of 1.94. 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 company has a 50-day moving average of $10.39 and a 200-day moving average of $11.32.

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

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Keith Koci acquired 9,500 shares of the business's stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the transaction, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John T. Baldwin acquired 4,000 shares of the business's stock in a transaction 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 approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 23,500 shares of company stock valued at $243,095. Insiders own 1.76% of the company's stock.

Institutional Trading of Cleveland-Cliffs

Several hedge funds have recently made changes to their positions in CLF. Pinpoint Asset Management Ltd bought a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at $25,000. Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter valued at $34,000. Truvestments Capital LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter valued at $34,000. Estabrook Capital Management raised its stake 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 buying an additional 2,700 shares during the period. Finally, Byrne Asset Management LLC raised its stake in shares of Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after buying an additional 2,600 shares during the period. 67.68% of the stock is currently 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.