Cleveland-Cliffs (NYSE:CLF) Shares Gap Down – Time to Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $8.02, but opened at $7.52. Cleveland-Cliffs shares last traded at $7.37, with a volume of 10,436,318 shares changing hands.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research report on Monday, May 12th. B. Riley reiterated a “buy” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $12.03.

Cleveland-Cliffs Stock Down 2.6%

The stock has a market cap of $3.55 billion, a price-to-earnings ratio of -7.40 and a beta of 1.85. The business has a fifty day moving average of $7.42 and a 200 day moving average of $9.25. 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 posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue was down 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.71% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $25,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Cleveland-Cliffs in the 1st quarter worth approximately $36,000. Estabrook Capital Management lifted its holdings in shares of Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after buying an additional 2,700 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $44,000. Finally, AllSquare Wealth Management LLC boosted its position in shares of Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after acquiring an additional 1,000 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

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.