Cleveland-Cliffs (NYSE:CLF) Trading Down 2.5% – Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price was down 2.5% on Wednesday . The company traded as low as $9.22 and last traded at $9.44. Approximately 7,277,178 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 12,567,335 shares. The stock had previously closed at $9.68.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CLF shares. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group cut their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Glj Research cut their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, Citigroup cut their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.43.

Cleveland-Cliffs Trading Down 2.8 %

The business’s fifty day moving average is $10.40 and its 200-day moving average is $11.35. The stock has a market capitalization of $4.65 billion, a PE ratio of -9.70 and a beta of 1.94. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the transaction, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock worth $243,095 over the last ninety days. 1.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System raised its holdings in Cleveland-Cliffs by 1.2% in the fourth quarter. California State Teachers Retirement System now owns 460,347 shares of the mining company’s stock valued at $4,327,000 after acquiring an additional 5,485 shares in the last quarter. Jefferies Financial Group Inc. increased its position in shares of Cleveland-Cliffs by 1,151.4% in the 4th quarter. Jefferies Financial Group Inc. now owns 150,037 shares of the mining company’s stock worth $1,410,000 after purchasing an additional 138,047 shares during the last quarter. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $407,000. Toronto Dominion Bank lifted its position in shares of Cleveland-Cliffs by 9,170.9% during the fourth quarter. Toronto Dominion Bank now owns 69,995 shares of the mining company’s stock worth $658,000 after purchasing an additional 69,240 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock worth $12,209,000 after purchasing an additional 242,386 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

About Cleveland-Cliffs

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.