Cleveland-Cliffs (NYSE:CLF) Shares Down 8.2% – Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF) shares traded down 8.2% during mid-day trading on Friday . The stock traded as low as $8.64 and last traded at $8.57. 14,815,522 shares were traded during trading, an increase of 13% from the average session volume of 13,134,458 shares. The stock had previously closed at $9.33.

Analyst Ratings Changes

A number of analysts recently weighed in on CLF shares. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Citigroup decreased their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group cut their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, Glj Research decreased their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus price target of $16.43.

Cleveland-Cliffs Trading Down 8.6 %

The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average price of $10.26 and a 200-day moving average price of $11.21. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of -8.79 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In related news, Director Jane M. Cronin bought 10,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now owns 133,227 shares of the company’s stock, valued at $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock valued at $243,095 over the last ninety days. Insiders own 1.76% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Several institutional investors and hedge funds have recently bought and sold shares of CLF. Fairfax Financial Holdings Ltd. Can purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth approximately $55,453,000. Norges Bank purchased a new position in Cleveland-Cliffs during the 4th quarter worth approximately $45,381,000. Slate Path Capital LP raised its stake in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after buying an additional 2,176,837 shares during the period. Institutional investors and hedge funds 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.