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

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

Wall Street Analyst Weigh In

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

Cleveland-Cliffs Stock Performance

The stock has a 50-day moving average of $11.52 and a 200 day moving average of $12.91. The firm has a market capitalization of $4.69 billion, a P/E ratio of -9.79 and a beta of 1.93. 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 issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (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 company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the company earned $0.54 EPS. The firm’s quarterly revenue was down 18.5% on a year-over-year basis. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its holdings in shares of Cleveland-Cliffs by 15.3% during the 2nd quarter. Van ECK Associates Corp now owns 287,849 shares of the mining company’s stock valued at $4,430,000 after purchasing an additional 38,265 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Cleveland-Cliffs by 34.1% during the second quarter. CIBC Asset Management Inc now owns 18,711 shares of the mining company’s stock worth $288,000 after buying an additional 4,753 shares during the period. First Dallas Securities Inc. grew its holdings in shares of Cleveland-Cliffs by 11.2% during the second quarter. First Dallas Securities Inc. now owns 161,600 shares of the mining company’s stock worth $2,487,000 after buying an additional 16,250 shares in the last quarter. National Bank of Canada FI boosted its position in Cleveland-Cliffs by 16.2% during the 2nd quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock worth $129,000 after acquiring an additional 1,173 shares during the last quarter. Finally, Crumly & Associates Inc. grew its stake in shares of Cleveland-Cliffs by 2.6% during the 2nd quarter. Crumly & Associates Inc. now owns 71,161 shares of the mining company’s stock worth $1,095,000 after acquiring an additional 1,821 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

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.