Cleveland-Cliffs (NYSE:CLF) Shares Up 2.2% – Time to Buy?

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price rose 2.2% during trading on Monday . The stock traded as high as $7.82 and last traded at $7.77. Approximately 7,205,309 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 17,440,667 shares. The stock had previously closed at $7.60.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CLF. The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, May 12th. Glj Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a research note on Wednesday, May 28th. Finally, B. Riley reissued a “buy” rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $12.74.

Cleveland-Cliffs Stock Up 2.2%

The stock has a market cap of $3.84 billion, a PE ratio of -8.01 and a beta of 1.85. The business has a 50 day simple moving average of $7.42 and a 200 day simple moving average of $9.35. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the previous year, the business posted $0.18 earnings per share. The firm’s revenue was down 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.71% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of large investors have recently added to or reduced their stakes in CLF. Pinpoint Asset Management Ltd acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at approximately $25,000. Estabrook Capital Management lifted its position in shares of Cleveland-Cliffs by 207.7% in the fourth 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 in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Cleveland-Cliffs in the first quarter valued at $36,000. Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $44,000. Finally, AllSquare Wealth Management LLC boosted its position in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the last quarter. 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.