Cleveland-Cliffs (NYSE:CLF) Trading Down 4.7% – Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF) dropped 4.7% during trading on Tuesday . The stock traded as low as $9.76 and last traded at $9.68. Approximately 3,107,937 shares were traded during trading, a decline of 75% from the average daily volume of 12,506,197 shares. The stock had previously closed at $10.15.

Analyst Ratings Changes

CLF has been the topic of several research analyst reports. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Glj Research decreased their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, Citigroup decreased their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Down 4.1 %

The firm’s 50 day moving average is $10.40 and its two-hundred day moving average is $11.37. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of -10.01 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. On average, 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 acquired 10,000 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the purchase, the director now directly owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Baldwin acquired 4,000 shares of the company’s 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 purchase, the director now owns 133,227 shares in the company, valued at approximately $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. In the last quarter, insiders bought 23,500 shares of company stock valued at $243,095. 1.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Strengthening Families & Communities LLC increased its stake in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares during the last quarter. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter worth about $25,000. Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. Finally, Estabrook Capital Management grew its holdings in shares of Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after purchasing an additional 2,700 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.