Cleveland-Cliffs (NYSE:CLF) Hits New 1-Year High at $22.22

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $22.22 and last traded at $22.14, with a volume of 2651832 shares traded. The stock had previously closed at $21.57.

Wall Street Analysts Forecast Growth

CLF has been the topic of a number of research reports. BNP Paribas lowered Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a research report on Wednesday, February 28th. Argus lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.30.

Cleveland-Cliffs Price Performance

The firm has a market capitalization of $11.33 billion, a PE ratio of 29.53, a price-to-earnings-growth ratio of 0.76 and a beta of 2.02. The business has a 50-day moving average of $20.08 and a 200 day moving average of $18.07. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. Cleveland-Cliffs’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.30) EPS. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post 1.84 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the transaction, the chief executive officer now owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the transaction, the director now owns 90,286 shares in the company, valued at approximately $1,841,834.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lourenco Goncalves sold 187,136 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the transaction, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Insiders sold 221,066 shares of company stock worth $4,464,688 in the last quarter. 1.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Korea Investment CORP grew its stake in shares of Cleveland-Cliffs by 30.6% during the 3rd quarter. Korea Investment CORP now owns 514,890 shares of the mining company’s stock worth $8,048,000 after acquiring an additional 120,540 shares during the period. Barclays PLC boosted its stake in Cleveland-Cliffs by 240.4% in the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock worth $31,083,000 after purchasing an additional 1,404,491 shares during the period. Douglas Lane & Associates LLC boosted its stake in Cleveland-Cliffs by 55.5% in the 3rd quarter. Douglas Lane & Associates LLC now owns 1,743,513 shares of the mining company’s stock worth $27,251,000 after purchasing an additional 621,937 shares during the period. Aigen Investment Management LP bought a new position in Cleveland-Cliffs in the 3rd quarter worth about $4,970,000. Finally, Handelsinvest Investeringsforvaltning bought a new position in Cleveland-Cliffs in the 3rd quarter worth about $3,908,000. Institutional investors own 67.68% of the company’s stock.

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.