Cleveland-Cliffs (NYSE:CLF) Hits New 1-Year Low – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF) shares hit a new 52-week low on Friday . The stock traded as low as $10.18 and last traded at $10.21, with a volume of 25376681 shares changing hands. The stock had previously closed at $10.96.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CLF shares. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Finally, Citigroup cut their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.39.

Cleveland-Cliffs Stock Down 6.8 %

The stock has a 50 day simple moving average of $12.61 and a two-hundred day simple moving average of $13.59. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. Analysts forecast that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs during the second quarter worth about $26,000. Strengthening Families & Communities LLC lifted its stake in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the period. Hobbs Group Advisors LLC acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth $31,000. Gradient Investments LLC boosted its stake in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after buying an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in Cleveland-Cliffs in the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.