Cleveland-Cliffs (NYSE:CLF) Sets New 52-Week Low – Should You Sell?

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

Wall Street Analysts Forecast Growth

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

Cleveland-Cliffs Stock Down 6.8 %

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 company’s 50 day moving average price is $12.61 and its 200-day moving average price is $13.59.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the previous year, the firm earned $0.54 earnings per share. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Twelve Points Wealth Management LLC increased its holdings in shares of Cleveland-Cliffs by 58.5% in the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after purchasing an additional 49,359 shares during the period. Rockefeller Capital Management L.P. purchased a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at about $22,122,000. First Dallas Securities Inc. raised its stake in Cleveland-Cliffs by 27.9% in the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after purchasing an additional 45,150 shares in the last quarter. Janus Henderson Group PLC grew its position in Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after acquiring an additional 187,957 shares in the last quarter. Finally, Commerce Bank increased its stake in Cleveland-Cliffs by 342.8% in the third quarter. Commerce Bank now owns 116,870 shares of the mining company’s stock valued at $1,492,000 after acquiring an additional 90,477 shares during the last quarter. 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.