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

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CLF shares. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a "buy" rating and a $16.00 target price for the company. Citigroup lowered their price target on shares of 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 cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. 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 assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus price target of $16.68.

Cleveland-Cliffs Stock Performance

The firm has a market capitalization of $5.67 billion, a P/E ratio of -11.84 and a beta of 1.96. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The business's 50 day simple moving average is $10.19 and its two-hundred day simple moving average is $11.78.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors and hedge funds have recently bought and sold shares of CLF. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after purchasing an additional 1,490 shares in the last quarter. Pinpoint Asset Management Ltd bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth approximately $25,000. Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter worth approximately $34,000. Truvestments Capital LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter worth approximately $34,000. Finally, Estabrook Capital Management grew 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 worth $38,000 after acquiring an additional 2,700 shares during the period. 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.