Cleveland-Cliffs (NYSE:CLF) Sets New 12-Month Low at $13.06

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) reached a new 52-week low during trading on Monday . The stock traded as low as $13.06 and last traded at $13.09, with a volume of 603786 shares traded. The stock had previously closed at $13.18.

Wall Street Analysts Forecast Growth

CLF has been the subject of several analyst reports. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. B. Riley reiterated a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Bank of America lowered their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Jefferies Financial Group started coverage on shares of Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 price objective on the stock. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $19.44.

Cleveland-Cliffs Trading Down 1.7 %

The firm’s 50 day simple moving average is $15.16 and its 200-day simple moving average is $18.08. The company has a market capitalization of $6.16 billion, a PE ratio of 17.81, a P/E/G ratio of 1.94 and a beta of 2.03. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the company earned $0.69 EPS. The firm’s revenue was down 14.9% on a year-over-year basis. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post 0.17 EPS for the current year.

Cleveland-Cliffs announced that its Board of Directors has initiated a stock buyback plan on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. bought 7,250 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $14.98 per share, with a total value of $108,605.00. Following the completion of the transaction, the chief financial officer now owns 314,362 shares in the company, valued at $4,709,142.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of Cleveland-Cliffs stock in a transaction on Wednesday, June 12th. The shares were purchased at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the purchase, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the purchase, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors have recently made changes to their positions in the company. Rise Advisors LLC raised its stake in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares during the period. Lindbrook Capital LLC raised its position in shares of Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares during the last quarter. Allworth Financial LP boosted its position in Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after purchasing an additional 619 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

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.