Cleveland-Cliffs (NYSE:CLF) Stock Price Down 2.6% – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price fell 2.6% on Thursday . The stock traded as low as $9.15 and last traded at $9.21. 1,808,144 shares changed hands during trading, a decline of 83% from the average session volume of 10,768,788 shares. The stock had previously closed at $9.46.

Wall Street Analyst Weigh In

CLF has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective for the company. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Citigroup lowered 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. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.22.

Cleveland-Cliffs Trading Down 1.2 %

The stock has a market cap of $4.56 billion, a price-to-earnings ratio of -9.53 and a beta of 1.92. The business has a 50-day simple moving average of $11.92 and a two-hundred day simple moving average of $13.10. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the company posted $0.54 EPS. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Strengthening Families & Communities LLC raised its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares in the last quarter. Altshuler Shaham Ltd acquired a new position in Cleveland-Cliffs during the second quarter worth approximately $26,000. Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs in the third quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at approximately $34,000. Finally, Blue Trust Inc. boosted its stake in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after acquiring an additional 2,539 shares during the period. Institutional investors and hedge funds 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.