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

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $8.98 and last traded at $8.99, with a volume of 8575389 shares. The stock had previously closed at $9.81.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Glj Research reduced their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Morgan Stanley dropped their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Citigroup reduced their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Trading Down 12.7 %

The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of -8.82 and a beta of 1.94. The company has a 50-day moving average price of $10.39 and a 200-day moving average price of $11.53.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Jane M. Cronin purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith Koci acquired 9,500 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after buying an additional 1,236,247 shares during the last quarter. Franklin Resources Inc. lifted its position in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after buying an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC bought a new stake in Cleveland-Cliffs during the 4th quarter worth about $18,999,000. Janus Henderson Group PLC increased its position in Cleveland-Cliffs by 987.0% in the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock valued at $2,644,000 after acquiring an additional 187,957 shares in the last quarter. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Cleveland-Cliffs in the third quarter worth about $22,122,000. Institutional investors 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.