Cleveland-Cliffs (NYSE:CLF) Shares Down 4.7% - Here's Why

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) fell 4.7% during trading on Tuesday . The company traded as low as $9.76 and last traded at $9.68. 3,107,937 shares were traded during trading, a decline of 75% from the average session volume of 12,506,197 shares. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CLF. Citigroup cut their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, December 19th. Morgan Stanley reduced their price objective on 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. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Glj Research reduced their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Two equities research 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's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $16.43.

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Cleveland-Cliffs Price Performance

The business has a fifty day moving average of $10.39 and a 200 day moving average of $11.32. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market cap of $4.67 billion, a PE ratio of -9.74 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data 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. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In other news, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the company's stock in a transaction that occurred on 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 in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 23,500 shares of company stock worth $243,095. 1.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pinpoint Asset Management Ltd bought a new stake in Cleveland-Cliffs in the fourth quarter worth about $25,000. Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs during the third quarter valued at approximately $34,000. Estabrook Capital Management boosted its holdings in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after buying an additional 2,700 shares in the last quarter. Finally, Byrne Asset Management LLC grew its position in Cleveland-Cliffs by 130.0% in 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 last quarter. 67.68% of the stock is currently owned by institutional investors.

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.