Cleveland-Cliffs (NYSE:CLF) Shares Down 8.4% – What’s Next?

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) were down 8.4% during trading on Friday . The company traded as low as $9.86 and last traded at $9.8550. 13,096,418 shares traded hands during trading, a decline of 28% from the average daily volume of 18,243,654 shares. The stock had previously closed at $10.76.

Analyst Upgrades and Downgrades

CLF has been the topic of several research analyst reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and lifted their target price for the stock from $9.03 to $15.01 in a report on Tuesday, June 9th. JPMorgan Chase & Co. upped their price target on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, June 10th. Wells Fargo & Company increased their price target on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Finally, Morgan Stanley restated an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday. Nine equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $12.90.

Cleveland-Cliffs Trading Down 7.6%

The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The business’s 50-day moving average is $11.52 and its 200 day moving average is $11.53. The firm has a market capitalization of $5.67 billion, a P/E ratio of -4.25 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The firm had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same quarter in the prior year, the business posted ($0.92) EPS. The business’s revenue was up 6.3% compared to the same quarter last year. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is currently owned by company insiders.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently modified their holdings of CLF. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs in the fourth quarter valued at about $25,000. Center for Financial Planning Inc. increased its holdings in Cleveland-Cliffs by 119.0% in 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 increased its holdings in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after buying an additional 1,214 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in shares of Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after buying an additional 1,855 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Company Profile

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.