Cleveland-Cliffs (NYSE:CLF) Hits New 1-Year High at $22.22

Cleveland-Cliffs Inc. (NYSE:CLF) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $22.22 and last traded at $22.14, with a volume of 2651832 shares traded. The stock had previously closed at $21.57.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Morgan Stanley restated an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a report on Tuesday. TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Finally, Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $20.30.

Cleveland-Cliffs Price Performance

The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. The stock has a market capitalization of $11.33 billion, a price-to-earnings ratio of 29.53, a PEG ratio of 0.76 and a beta of 2.02. The stock’s 50 day simple moving average is $20.08 and its 200-day simple moving average is $18.07.

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

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Susan Miranda Green sold 6,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 13th. The shares were 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 of the company’s stock, valued at $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Susan Miranda Green sold 6,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 13th. The shares were 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 of the company’s stock, valued at $1,841,834.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Arlene M. Yocum purchased 2,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders sold 221,066 shares of company stock worth $4,464,688 over the last ninety days. 1.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. increased its position in Cleveland-Cliffs by 410.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,550 shares of the mining company’s stock worth $52,000 after acquiring an additional 2,050 shares during the period. True Vision MN LLC bought a new position in Cleveland-Cliffs during the fourth quarter worth $496,000. Creekmur Asset Management LLC bought a new position in Cleveland-Cliffs during the fourth quarter worth $45,000. Pineridge Advisors LLC bought a new position in Cleveland-Cliffs during the fourth quarter worth $57,000. Finally, Price T Rowe Associates Inc. MD increased its position in Cleveland-Cliffs by 801.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,608,984 shares of the mining company’s stock worth $53,277,000 after acquiring an additional 2,319,486 shares during the period. Institutional investors own 67.68% of the company’s stock.

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.