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.
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.
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.
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.