Cleveland-Cliffs (NYSE:CLF) Trading Down 8.2% - What's Next?

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shares were down 8.2% on Friday . The stock traded as low as $8.64 and last traded at $8.57. Approximately 14,815,522 shares traded hands during mid-day trading, an increase of 13% from the average daily volume of 13,134,458 shares. The stock had previously closed at $9.33.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CLF. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Morgan Stanley decreased their price target 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. Glj Research dropped their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their price target 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. Two research analysts have 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $16.43.

Cleveland-Cliffs Trading Down 3.1 %

The stock has a market capitalization of $4.08 billion, a P/E ratio of -8.51 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 fifty day simple moving average of $10.22 and a two-hundred day simple moving average of $11.19.

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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) EPS for the quarter, missing the consensus estimate 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. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci bought 9,500 shares of the stock in a transaction that occurred 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 $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock valued at $243,095 over the last three months. Company insiders own 1.76% of the company's stock.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds have recently modified their holdings of the stock. Pinpoint Asset Management Ltd bought a new position in Cleveland-Cliffs during the 4th quarter worth $25,000. Estabrook Capital Management raised its position in Cleveland-Cliffs by 207.7% during 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 lifted its stake in 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 purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at $44,000. Finally, AllSquare Wealth Management LLC raised its holdings in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after buying an additional 1,000 shares in 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.