Cleveland-Cliffs (NYSE:CLF) Trading Up 2.7% - Here's Why

Shares of Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) were up 2.7% on Monday . The company traded as high as $8.37 and last traded at $8.12. Approximately 4,368,793 shares traded hands during trading, a decline of 69% from the average daily volume of 14,271,496 shares. The stock had previously closed at $7.91.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CLF. Glj Research decreased their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. Morgan Stanley lowered their price objective on 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 decreased their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, B. Riley reiterated a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.49.

Cleveland-Cliffs Price Performance

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 company has a 50-day simple moving average of $8.90 and a 200-day simple moving average of $10.47. The stock has a market cap of $3.97 billion, a PE ratio of -8.25 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share 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 during the quarter, compared to the consensus estimate of $4.46 billion. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci purchased 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This trade represents a 1.78 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jane M. Cronin acquired 10,000 shares of the company's stock in a transaction on Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock worth $243,095 in the last quarter. 1.76% of the stock is owned by company insiders.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently modified their holdings of the business. Summit Investment Advisors Inc. lifted its stake in Cleveland-Cliffs by 1.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock valued at $911,000 after acquiring an additional 932 shares during the period. AllSquare Wealth Management LLC increased its holdings in shares of Cleveland-Cliffs by 24.4% in 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 during the last quarter. MRP Capital Investments LLC boosted its stake in shares of Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock worth $103,000 after purchasing an additional 1,000 shares during the period. Jones Financial Companies Lllp increased its stake in Cleveland-Cliffs by 21.3% in the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after buying an additional 1,182 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in shares of Cleveland-Cliffs by 11.0% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock valued at $125,000 after buying an additional 1,313 shares during the period. 67.68% of the stock is 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.

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