Cleveland-Cliffs (NYSE:CLF) Shares Down 4.8%


Share on StockTwits

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price traded down 4.8% during mid-day trading on Tuesday . The stock traded as low as $18.44 and last traded at $18.46. 586,766 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 20,007,979 shares. The stock had previously closed at $19.39.

Several equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating and set a $16.00 target price for the company. in a report on Monday, February 1st. BNP Paribas upgraded shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and set a $22.30 price objective for the company in a report on Tuesday, January 19th. B. Riley lifted their price objective on shares of Cleveland-Cliffs from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, March 31st. KeyCorp decreased their price objective on shares of Cleveland-Cliffs from $22.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, March 15th. Finally, Exane BNP Paribas upgraded shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating in a report on Monday, January 18th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $16.91.

The company has a market capitalization of $9.03 billion, a price-to-earnings ratio of -64.68 and a beta of 2.24. The stock has a fifty day simple moving average of $16.36 and a 200-day simple moving average of $12.97. The company has a debt-to-equity ratio of 3.84, a current ratio of 2.17 and a quick ratio of 0.69.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Thursday, February 25th. The mining company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.04). Cleveland-Cliffs had a negative return on equity of 2.69% and a negative net margin of 3.38%. The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the firm posted $0.23 earnings per share. The firm’s revenue for the quarter was up 322.4% compared to the same quarter last year. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.32 EPS for the current fiscal year.

In other news, CFO Keith Koci bought 15,000 shares of the firm’s stock in a transaction that occurred on Friday, March 5th. The shares were purchased at an average price of $13.45 per share, with a total value of $201,750.00. Following the purchase, the chief financial officer now owns 210,033 shares in the company, valued at $2,824,943.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.83% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Hodges Capital Management Inc. lifted its holdings in shares of Cleveland-Cliffs by 49.2% in the 1st quarter. Hodges Capital Management Inc. now owns 937,766 shares of the mining company’s stock valued at $18,858,000 after buying an additional 309,150 shares during the period. Confluence Investment Management LLC raised its holdings in shares of Cleveland-Cliffs by 13.9% in the first quarter. Confluence Investment Management LLC now owns 16,647 shares of the mining company’s stock worth $335,000 after acquiring an additional 2,035 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Cleveland-Cliffs in the fourth quarter worth $5,195,000. Norges Bank acquired a new position in shares of Cleveland-Cliffs in the fourth quarter worth $65,657,000. Finally, Voloridge Investment Management LLC acquired a new position in shares of Cleveland-Cliffs in the fourth quarter worth $9,002,000. Institutional investors own 67.60% of the company’s stock.

About Cleveland-Cliffs (NYSE:CLF)

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.

Featured Story: How does the Federal Reserve determine interest rates?

Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.