Cleveland-Cliffs (NYSE:CLF) Stock Price Breaks Below Two Hundred Day Moving Average – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $11.39 and traded as low as $11.25. Cleveland-Cliffs shares last traded at $11.2640, with a volume of 23,689,109 shares traded.

Analyst Upgrades and Downgrades

CLF has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. The Goldman Sachs Group restated a “neutral” rating and set a $13.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, October 20th. Citigroup increased their target price on Cleveland-Cliffs from $12.00 to $14.00 and gave the stock a “neutral” rating in a research report on Friday, October 30th. Morgan Stanley increased their target price on Cleveland-Cliffs from $12.50 to $14.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Monday, October 19th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $14.18.

Cleveland-Cliffs Stock Up 1.8%

The stock has a fifty day moving average price of $12.52 and a 200-day moving average price of $11.38. The firm has a market cap of $6.55 billion, a PE ratio of -13.50, a PEG ratio of 5.92 and a beta of 1.99. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.64 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, October 19th. The mining company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.24 by $0.04. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.69 billion. During the same quarter last year, the firm posted ($0.51) earnings per share. Cleveland-Cliffs’s revenue for the quarter was up 18.5% compared to the same quarter last year. Research analysts expect that Cleveland-Cliffs Inc. will post 0.10 EPS for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Edilson Camara purchased 7,400 shares of the firm’s stock in a transaction that occurred on Thursday, October 22nd. The stock was purchased at an average cost of $13.49 per share, with a total value of $99,826.00. Following the transaction, the director owned 64,717 shares in the company, valued at approximately $873,032.33. This trade represents a 12.91% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC boosted its position in shares of Cleveland-Cliffs by 245.2% in the third quarter. Fortitude Family Office LLC now owns 2,831 shares of the mining company’s stock worth $31,000 after buying an additional 2,011 shares during the period. Johnson Financial Group Inc. purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $30,000. Center for Financial Planning Inc. raised its holdings in shares of Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after buying an additional 1,805 shares during the period. IFP Advisors Inc raised its holdings in shares of Cleveland-Cliffs by 39.5% during the 2nd quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock valued at $48,000 after buying an additional 1,453 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in Cleveland-Cliffs during the 2nd quarter worth approximately $72,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.