Cleveland-Cliffs (NYSE:CLF) Trading Down 6.9% – Here’s What Happened

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) were down 6.9% on Wednesday . The company traded as low as $11.14 and last traded at $11.0620. Approximately 22,895,182 shares changed hands during mid-day trading, an increase of 19% from the average daily volume of 19,272,639 shares. The stock had previously closed at $11.88.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CLF. Morgan Stanley reissued an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and lifted their target price for the company from $15.01 to $15.60 in a research report on Friday, July 24th. Wells Fargo & Company reiterated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Finally, Barclays increased their target price on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and an average target price of $11.86.

Cleveland-Cliffs Trading Down 7.1%

The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. The company has a market cap of $6.30 billion, a P/E ratio of -6.83 and a beta of 2.09. The firm’s 50 day moving average is $11.15 and its two-hundred day moving average is $10.81.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. The business had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.Cleveland-Cliffs’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the company earned ($0.50) EPS. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Insider Activity

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the transaction, the executive vice president directly owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.95% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $25,000. IFP Advisors Inc lifted its holdings in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares during the period. CIBC Private Wealth Group LLC boosted its position in Cleveland-Cliffs by 306.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,855 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,214 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in Cleveland-Cliffs by 819.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after acquiring an additional 2,392 shares during the period. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.