Cleveland-Cliffs (NYSE:CLF) Shares Down 3.7% – Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price was down 3.7% during trading on Tuesday . The company traded as low as $13.10 and last traded at $13.13. Approximately 1,351,533 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 9,817,987 shares. The stock had previously closed at $13.64.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup dropped their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. B. Riley reaffirmed a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Finally, Bank of America dropped their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Down 1.8 %

The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The stock has a 50-day simple moving average of $12.59 and a two-hundred day simple moving average of $15.24. The firm has a market cap of $6.37 billion, a PE ratio of 17.68 and a beta of 1.98.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis. Analysts expect that Cleveland-Cliffs Inc. will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently bought and sold shares of the stock. Altshuler Shaham Ltd purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $31,000. Gradient Investments LLC boosted its holdings in Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after purchasing an additional 1,343 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.