Cleveland-Cliffs (CLF) Shares Down 5.4%

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Shares of Cleveland-Cliffs Inc (NYSE:CLF) fell 5.4% during mid-day trading on Monday . The stock traded as low as $9.46 and last traded at $9.48. 10,712,164 shares traded hands during trading, a decline of 1% from the average session volume of 10,769,821 shares. The stock had previously closed at $10.02.

Several brokerages have issued reports on CLF. Credit Suisse Group raised shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $13.00 to $14.00 in a research note on Friday, April 26th. Cowen reaffirmed a “market perform” rating and issued a $11.00 price target (up from $8.50) on shares of Cleveland-Cliffs in a research note on Thursday, February 7th. Jefferies Financial Group upped their price target on shares of Cleveland-Cliffs from $11.50 to $13.75 and gave the stock a “buy” rating in a research note on Friday, February 8th. B. Riley upped their price target on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Finally, Zacks Investment Research downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Cleveland-Cliffs currently has a consensus rating of “Buy” and a consensus target price of $12.50.

The company has a debt-to-equity ratio of 7.97, a quick ratio of 1.82 and a current ratio of 2.86. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 4.45 and a beta of 1.78.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Thursday, April 25th. The mining company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.06. Cleveland-Cliffs had a net margin of 51.54% and a return on equity of 786.91%. The business had revenue of $157.00 million for the quarter, compared to the consensus estimate of $116.91 million. During the same period in the prior year, the business posted ($0.08) earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 12.8% compared to the same quarter last year. Equities research analysts predict that Cleveland-Cliffs Inc will post 1.68 EPS for the current fiscal year.

In related news, Director Susan Miranda Green sold 12,700 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $10.06, for a total value of $127,762.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric M. Rychel acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average price of $9.70 per share, with a total value of $48,500.00. Following the completion of the acquisition, the director now directly owns 24,845 shares of the company’s stock, valued at approximately $240,996.50. The disclosure for this purchase can be found here. Insiders bought 21,500 shares of company stock worth $225,380 over the last ninety days. 1.32% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. CWM Advisors LLC boosted its holdings in Cleveland-Cliffs by 38.9% in the first quarter. CWM Advisors LLC now owns 16,440 shares of the mining company’s stock worth $164,000 after purchasing an additional 4,605 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in Cleveland-Cliffs by 219.1% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 390,981 shares of the mining company’s stock worth $3,906,000 after purchasing an additional 268,460 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Cleveland-Cliffs by 3.5% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 86,469 shares of the mining company’s stock worth $863,000 after purchasing an additional 2,945 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Cleveland-Cliffs in the first quarter worth $605,000. Finally, Macquarie Group Ltd. bought a new stake in Cleveland-Cliffs in the first quarter worth $310,000. Hedge funds and other institutional investors own 75.58% of the company’s stock.

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Cleveland-Cliffs Company Profile (NYSE:CLF)

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. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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