Cleveland-Cliffs (NYSE:CLF) Stock Price Down 7% – Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF) traded down 7% during trading on Wednesday . The company traded as low as $12.42 and last traded at $12.3390. 3,794,219 shares were traded during trading, a decline of 60% from the average session volume of 9,590,427 shares. The stock had previously closed at $13.27.

Analysts Set New Price Targets

CLF has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and set a $17.00 price objective on the stock in a research note on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Thursday, October 30th. Citigroup decreased their price objective on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. The Goldman Sachs Group lifted their target price on Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Glj Research reissued a “sell” rating and set a $5.75 price target on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $13.43.

Cleveland-Cliffs Trading Up 1.8%

The company has a 50 day moving average of $12.32 and a two-hundred day moving average of $11.45. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. The stock has a market capitalization of $6.06 billion, a PE ratio of -3.60 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The company had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period last year, the business posted ($0.33) earnings per share. The firm’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Strengthening Families & Communities LLC grew its holdings in shares of Cleveland-Cliffs by 4,315.6% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,942 shares during the last quarter. Atwood & Palmer Inc. acquired a new stake in Cleveland-Cliffs during the 2nd quarter worth about $27,000. Trust Co. of Toledo NA OH purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at about $27,000. Winch Advisory Services LLC raised its stake in shares of Cleveland-Cliffs by 131.3% in the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock worth $31,000 after purchasing an additional 2,310 shares during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Cleveland-Cliffs by 819.2% during the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after purchasing an additional 2,392 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.