Cleveland-Cliffs (NYSE:CLF) Stock Price Down 6.9% – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF) traded down 6.9% during mid-day trading on Wednesday . The stock traded as low as $11.14 and last traded at $11.0620. Approximately 22,895,182 shares were traded during trading, an increase of 19% from the average daily volume of 19,272,639 shares. The stock had previously closed at $11.88.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. The Goldman Sachs Group reissued a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Wells Fargo & Company reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. JPMorgan Chase & Co. dropped their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price target for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $11.86.

Cleveland-Cliffs Price Performance

The company has a market capitalization of $6.41 billion, a price-to-earnings ratio of -6.93 and a beta of 2.09. The business has a fifty day moving average price of $11.07 and a 200 day moving average price of $10.77. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the prior year, the firm posted ($0.50) EPS. Cleveland-Cliffs’s revenue was up 5.9% compared to the same quarter last year. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.95% of the stock is owned by corporate insiders.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently modified their holdings of CLF. Sei Investments Co. boosted its holdings in Cleveland-Cliffs by 95.4% in the 1st quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock valued at $2,560,000 after purchasing an additional 147,899 shares during the period. Quantinno Capital Management LP increased its holdings in shares of Cleveland-Cliffs by 68.0% during the first quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock worth $1,796,000 after purchasing an additional 86,036 shares during the period. SFE Investment Counsel acquired a new stake in shares of Cleveland-Cliffs in the second quarter valued at approximately $8,562,000. Vanguard Group Inc. raised its position in shares of Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after buying an additional 6,447,462 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of Cleveland-Cliffs by 23.0% in the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after buying an additional 123,660 shares during the period. Institutional investors own 67.68% of the company’s stock.

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.