Cleveland-Cliffs (NYSE:CLF) Stock Price Down 2.2%

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) traded down 2.2% during trading on Tuesday . The company traded as low as $21.87 and last traded at $21.93. 1,306,463 shares traded hands during trading, a decline of 84% from the average session volume of 8,413,319 shares. The stock had previously closed at $22.42.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. BNP Paribas lowered Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a research note on Wednesday, February 28th. Finally, Wolfe Research reiterated an “underperform” rating and set a $18.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.92.

Cleveland-Cliffs Stock Up 1.8 %

The company has a fifty day simple moving average of $20.76 and a two-hundred day simple moving average of $18.61. The firm has a market capitalization of $10.61 billion, a PE ratio of 28.97, a PEG ratio of 0.77 and a beta of 2.03. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter last year, the firm posted ($0.30) EPS. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. Analysts forecast that Cleveland-Cliffs Inc. will post 1.84 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Lourenco Goncalves sold 187,136 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the sale, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the transaction, the director now owns 90,286 shares in the company, valued at $1,841,834.40. The disclosure for this sale can be found here. Insiders sold 221,066 shares of company stock valued at $4,464,688 over the last 90 days. Corporate insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its position in Cleveland-Cliffs by 3.8% during the 1st quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock worth $1,034,787,000 after purchasing an additional 2,041,111 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Cleveland-Cliffs by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company’s stock valued at $616,355,000 after acquiring an additional 387,794 shares during the period. State Street Corp increased its position in shares of Cleveland-Cliffs by 18.6% in the 2nd quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after acquiring an additional 3,295,448 shares during the period. Geode Capital Management LLC lifted its position in Cleveland-Cliffs by 2.1% during the 1st quarter. Geode Capital Management LLC now owns 7,476,201 shares of the mining company’s stock worth $136,853,000 after acquiring an additional 150,571 shares during the period. Finally, Morgan Stanley grew its stake in Cleveland-Cliffs by 1.5% during the 4th quarter. Morgan Stanley now owns 6,855,860 shares of the mining company’s stock valued at $110,448,000 after purchasing an additional 98,117 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other 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.