Cleveland-Cliffs (NYSE:CLF) Trading Down 4.7% – Here’s Why

Cleveland-Cliffs Inc. (NYSE:CLF) was down 4.7% on Tuesday . The stock traded as low as $9.76 and last traded at $9.68. Approximately 3,107,937 shares changed hands during trading, a decline of 75% from the average daily volume of 12,506,197 shares. The stock had previously closed at $10.15.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CLF. Citigroup reduced their price objective 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 dropped their price objective on shares of 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. Glj Research reduced their target price 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. 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 report on Tuesday, March 4th. Finally, B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $16.43.

Cleveland-Cliffs Trading Down 1.1 %

The firm has a market cap of $4.73 billion, a P/E ratio of -9.87 and a beta of 1.94. The company’s 50 day simple moving average is $10.39 and its 200-day simple moving average is $11.34. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost 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. The trade was a 3.10 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 purchase, the director now owns 24,522 shares of the company’s stock, valued at $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock valued at $243,095 in the last 90 days. Company insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after acquiring an additional 3,110,651 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Cleveland-Cliffs by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock valued at $199,724,000 after acquiring an additional 647,282 shares during the last quarter. Slate Path Capital LP increased its position in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after purchasing an additional 4,239,000 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock valued at $79,611,000 after purchasing an additional 264,078 shares during the last quarter. Institutional investors 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.