Cleveland-Cliffs (NYSE:CLF) Shares Gap Down to $7.51

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Shares of Cleveland-Cliffs Inc (NYSE:CLF) gapped down prior to trading on Wednesday . The stock had previously closed at $7.69, but opened at $7.51. Cleveland-Cliffs shares last traded at $8.00, with a volume of 450,640 shares.

Several research firms recently commented on CLF. B. Riley lowered their target price on Cleveland-Cliffs from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Citigroup cut their price objective on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Jefferies Financial Group reduced their price objective on shares of Cleveland-Cliffs from $15.00 to $12.00 in a report on Wednesday, October 16th. Cowen set a $10.00 price objective on shares of Cleveland-Cliffs and gave the stock a “hold” rating in a report on Thursday, August 22nd. Finally, Credit Suisse Group decreased their target price on shares of Cleveland-Cliffs from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $10.67.

The business has a 50-day simple moving average of $7.45 and a two-hundred day simple moving average of $8.66. The company has a quick ratio of 1.61, a current ratio of 2.32 and a debt-to-equity ratio of 5.86. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 3.75 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Wednesday, October 23rd. The mining company reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.09. The company had revenue of $555.60 million for the quarter, compared to the consensus estimate of $544.88 million. Cleveland-Cliffs had a return on equity of 125.91% and a net margin of 38.99%. The company’s quarterly revenue was down 25.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 EPS. On average, analysts forecast that Cleveland-Cliffs Inc will post 1.11 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, January 3rd will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Thursday, January 2nd. Cleveland-Cliffs’s payout ratio is currently 11.27%.

In other Cleveland-Cliffs news, Director John T. Baldwin purchased 9,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were purchased at an average cost of $7.27 per share, for a total transaction of $65,430.00. Following the completion of the transaction, the director now owns 123,727 shares in the company, valued at $899,495.29. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.32% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Captrust Financial Advisors purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth about $28,000. Advisors Preferred LLC bought a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $32,000. Schroder Investment Management Group bought a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $33,000. Neo Ivy Capital Management acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth $34,000. Finally, Tower Research Capital LLC TRC raised its holdings in Cleveland-Cliffs by 235.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,848 shares of the mining company’s stock worth $35,000 after acquiring an additional 3,401 shares during the period. 80.70% of the stock is currently owned by institutional investors.

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.

Read More: Understanding dividend yield and dividend payout ratio

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