Cleveland-Cliffs (CLF) Shares Down 6%

Cleveland-Cliffs Inc. (NYSE:CLF) shares fell 6% on Monday . The stock traded as low as $7.21 and last traded at $7.26. 21,517,481 shares traded hands during mid-day trading, an increase of 53% from the average session volume of 14,033,524 shares. The stock had previously closed at $7.72.

Several brokerages have weighed in on CLF. Clarkson Capital upgraded Cleveland-Cliffs from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $7.00 to $11.00 in a report on Monday. Vertical Group downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Wednesday, March 14th. Cowen restated a “market perform” rating and set a $9.00 price objective (up from $7.00) on shares of Cleveland-Cliffs in a report on Friday, January 26th. Jefferies Group restated a “buy” rating and set a $9.50 price objective on shares of Cleveland-Cliffs in a report on Friday. Finally, ValuEngine downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $9.78.

The firm has a market capitalization of $2,295.94, a P/E ratio of 14.52 and a beta of 1.61. The company has a debt-to-equity ratio of -4.76, a current ratio of 3.32 and a quick ratio of 2.37.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Friday, April 20th. The mining company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.13. Cleveland-Cliffs had a negative return on equity of 40.15% and a net margin of 15.12%. The business had revenue of $239.00 million during the quarter, compared to the consensus estimate of $177.93 million. During the same period in the prior year, the firm posted $0.16 EPS. The business’s revenue for the quarter was down 48.2% on a year-over-year basis. research analysts forecast that Cleveland-Cliffs Inc. will post 1.23 EPS for the current year.

In related news, Director Susan Miranda Green sold 11,305 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $7.62, for a total transaction of $86,144.10. Following the completion of the sale, the director now directly owns 60,367 shares of the company’s stock, valued at approximately $459,996.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.89% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in CLF. NEXT Financial Group Inc boosted its position in Cleveland-Cliffs by 87.8% during the 4th quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock worth $100,000 after purchasing an additional 6,500 shares during the period. Granite Springs Asset Management LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter worth $105,000. Quantitative Investment Management LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter worth $115,000. Girard Partners LTD. purchased a new stake in Cleveland-Cliffs during the 4th quarter worth $142,000. Finally, Capital Wealth Planning LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter worth $159,000. 60.62% of the stock is owned by hedge funds and other institutional investors.

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Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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