Cleveland-Cliffs (NYSE:CLF) Shares Up 1.9% - Still a Buy?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) shot up 1.9% during trading on Monday . The stock traded as high as $9.84 and last traded at $9.60. 4,362,609 shares changed hands during trading, a decline of 66% from the average session volume of 12,714,486 shares. The stock had previously closed at $9.42.

Analysts Set New Price Targets

Several research analysts have weighed in on CLF shares. Glj Research lowered their price target 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 lowered their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Morgan Stanley reduced their price target 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. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Finally, The Goldman Sachs Group dropped their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $16.43.

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Cleveland-Cliffs Trading Down 8.5 %

The firm's fifty day simple moving average is $10.30 and its 200 day simple moving average is $11.23. The stock has a market capitalization of $4.22 billion, a P/E ratio of -8.82 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

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 the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates 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, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Baldwin acquired 4,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 23,500 shares of company stock valued at $243,095 over the last ninety days. 1.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cleveland-Cliffs

Several hedge funds have recently modified their holdings of the company. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at about $25,000. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth approximately $34,000. Estabrook Capital Management grew its holdings in Cleveland-Cliffs by 207.7% during the 4th 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 last quarter. Byrne Asset Management LLC increased its position in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after acquiring an additional 2,600 shares during the period. Finally, Stonebridge Financial Group LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $44,000. Institutional investors and hedge funds own 67.68% of the company's stock.

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.