Cleveland-Cliffs (NYSE:CLF) Sets New 52-Week Low – Here’s What Happened

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) hit a new 52-week low during trading on Saturday . The company traded as low as $8.48 and last traded at $8.53, with a volume of 31119879 shares changing hands. The stock had previously closed at $9.33.

Analyst Ratings Changes

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

Cleveland-Cliffs Trading Down 8.6 %

The stock has a fifty day simple moving average of $10.26 and a 200 day simple moving average of $11.21. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a market cap of $4.22 billion, a P/E ratio of -8.79 and a beta of 1.94.

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

Insider Activity

In other Cleveland-Cliffs news, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the transaction, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Keith Koci acquired 9,500 shares of the stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 23,500 shares of company stock valued at $243,095 over the last three months. Insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinpoint Asset Management Ltd bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $25,000. Estabrook Capital Management grew its holdings in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after purchasing an additional 2,700 shares during the period. Byrne Asset Management LLC increased its position in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after buying an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth about $44,000. Finally, AllSquare Wealth Management LLC lifted its position in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after buying an additional 1,000 shares in the last quarter. 67.68% of the stock is 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.