Cleveland-Cliffs (NYSE:CLF) Shares Down 8.4% – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF) shares dropped 8.4% on Friday . The stock traded as low as $9.86 and last traded at $9.8550. 13,096,418 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 18,243,654 shares. The stock had previously closed at $10.76.

Analysts Set New Price Targets

Several brokerages recently issued reports on CLF. Morgan Stanley reissued an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. KeyCorp initiated coverage on Cleveland-Cliffs in a report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Barclays began coverage on Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price target on the stock. Finally, Wells Fargo & Company upped their price objective on Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 4th. Nine investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $12.90.

Cleveland-Cliffs Trading Down 7.6%

The company has a 50 day simple moving average of $11.52 and a 200 day simple moving average of $11.52. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The company has a market capitalization of $5.67 billion, a PE ratio of -4.25 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. The business had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.92) earnings per share. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.27 earnings per share for the current year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of large investors have recently modified their holdings of the business. Los Angeles Capital Management LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth about $25,000. Center for Financial Planning Inc. grew its stake in Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after acquiring an additional 1,805 shares in the last quarter. IFP Advisors Inc raised its holdings in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,200 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,214 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,855 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.