Cleveland-Cliffs (NYSE:CLF) Trading Up 2.3% – Should You Buy?

Cleveland-Cliffs Inc. (NYSE:CLF) was up 2.3% during mid-day trading on Monday . The company traded as high as $7.33 and last traded at $7.34. Approximately 7,797,375 shares changed hands during trading, a decline of 56% from the average daily volume of 17,899,613 shares. The stock had previously closed at $7.17.

Analyst Ratings Changes

Several analysts have commented on CLF shares. B. Riley reaffirmed a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective on the stock. in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group dropped 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. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.03.

Cleveland-Cliffs Trading Up 2.6%

The firm has a market cap of $3.64 billion, a P/E ratio of -7.57 and a beta of 1.85. The business’s 50 day moving average is $7.42 and its 200-day moving average is $9.18. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The company 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%. Cleveland-Cliffs’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.71% of the company’s stock.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs during the first quarter worth about $36,000. Estabrook Capital Management raised its position in 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 acquiring an additional 2,700 shares in the last quarter. AllSquare Wealth Management LLC lifted its holdings in Cleveland-Cliffs by 24.4% in the 4th 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 last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock worth $51,000 after purchasing an additional 1,664 shares during the last quarter. 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.