Cleveland-Cliffs (NYSE:CLF) Shares Down 9.2% – Here’s What Happened

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price fell 9.2% during mid-day trading on Tuesday . The stock traded as low as $10.82 and last traded at $10.7820. 15,032,159 shares were traded during trading, a decline of 42% from the average session volume of 26,055,094 shares. The stock had previously closed at $11.87.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Bank of America upped their price objective on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. JPMorgan Chase & Co. upped their price objective on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Citigroup lifted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Wells Fargo & Company reiterated an “underweight” rating and issued a $11.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Finally, UBS Group set a $15.00 price target on shares of Cleveland-Cliffs in a research note on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus price target of $12.88.

Cleveland-Cliffs Trading Down 10.2%

The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $5.28 billion, a PE ratio of -3.14 and a beta of 1.96. The business has a 50 day moving average price of $12.33 and a 200-day moving average price of $9.85.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the prior year, the company posted ($0.33) EPS. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp grew its position in shares of Cleveland-Cliffs by 20.2% in the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new position in Cleveland-Cliffs in the 2nd quarter valued at about $63,731,000. BNP Paribas Financial Markets boosted its stake in shares of Cleveland-Cliffs by 200.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares during the last quarter. Norges Bank acquired a new stake in Cleveland-Cliffs during the second quarter worth approximately $44,120,000. Finally, Turiya Advisors Asia Ltd purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter worth $39,357,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.