Cleveland-Cliffs (NYSE:CLF) Trading Down 6.7% – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF) traded down 6.7% on Thursday . The company traded as low as $10.95 and last traded at $10.98. 5,596,075 shares were traded during mid-day trading, a decline of 46% from the average session volume of 10,371,652 shares. The stock had previously closed at $11.77.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CLF shares. Morgan Stanley dropped their target price 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. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Finally, Citigroup decreased their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $17.39.

Cleveland-Cliffs Trading Down 6.9 %

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock’s 50 day moving average is $12.55 and its 200-day moving average is $13.55. The company has a market capitalization of $5.04 billion, a P/E ratio of -10.52 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF) last announced its 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 firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the prior year, the company posted $0.54 EPS. The firm’s revenue was down 18.5% on a year-over-year basis. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds have recently modified their holdings of CLF. Wealth Enhancement Advisory Services LLC raised its position in shares of Cleveland-Cliffs by 976.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 269,570 shares of the mining company’s stock worth $4,149,000 after purchasing an additional 244,517 shares during the last quarter. Swedbank AB lifted its stake in shares of Cleveland-Cliffs by 109.7% in the second quarter. Swedbank AB now owns 178,294 shares of the mining company’s stock worth $2,744,000 after buying an additional 93,262 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $3,662,000. Gradient Investments LLC increased its position in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares in the last quarter. Finally, Dakota Wealth Management raised its holdings in Cleveland-Cliffs by 68.1% in the 2nd quarter. Dakota Wealth Management now owns 115,124 shares of the mining company’s stock worth $1,772,000 after acquiring an additional 46,642 shares during the last quarter. Institutional investors 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.