Cleveland-Cliffs (NYSE:CLF) Shares Down 3.9% – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF) shares traded down 3.9% on Friday . The stock traded as low as $9.12 and last traded at $9.17. 7,828,229 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 8,911,181 shares. The stock had previously closed at $9.54.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price on the stock. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Citigroup decreased their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, Morgan Stanley cut their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $17.22.

Cleveland-Cliffs Trading Down 0.4 %

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 stock has a market capitalization of $4.69 billion, a P/E ratio of -9.79 and a beta of 1.97. The company has a fifty day simple moving average of $11.44 and a two-hundred day simple moving average of $12.86.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 EPS. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc raised its stake in shares of Cleveland-Cliffs by 34.1% in the 2nd quarter. CIBC Asset Management Inc now owns 18,711 shares of the mining company’s stock valued at $288,000 after purchasing an additional 4,753 shares during the period. National Bank of Canada FI grew its holdings in shares of Cleveland-Cliffs by 16.2% during the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock worth $129,000 after buying an additional 1,173 shares in the last quarter. Victory Capital Management Inc. raised its position in Cleveland-Cliffs by 21.4% in the 2nd quarter. Victory Capital Management Inc. now owns 2,429,738 shares of the mining company’s stock valued at $37,394,000 after buying an additional 428,239 shares during the last quarter. SFE Investment Counsel lifted its stake in Cleveland-Cliffs by 4.0% in the 2nd quarter. SFE Investment Counsel now owns 760,734 shares of the mining company’s stock valued at $11,708,000 after acquiring an additional 28,951 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $208,000. 67.68% of the stock is owned by institutional investors.

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.