Cleveland-Cliffs (NYSE:CLF) Sees Large Volume Increase Following Strong Earnings

Cleveland-Cliffs Inc. (NYSE:CLF) shares saw strong trading volume on Friday following a stronger than expected earnings report. Approximately 8,779,276 shares traded hands during mid-day trading, a decline of 53% from the previous session’s volume of 18,772,107 shares.The stock last traded at $11.3310 and had previously closed at $10.96.

The mining company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.50) EPS.

Cleveland-Cliffs News Roundup

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Cleveland-Cliffs posted Q2 results that topped Wall Street estimates on both earnings and revenue, with improving margins and a much better EBITDA trend. Cleveland-Cliffs (CLF) Climbs 16% on Strong Earnings, Highly Upbeat Outlook
• Positive Sentiment: Management’s upbeat outlook for the third quarter and the second half suggests further recovery in EBITDA and profitability, which investors appear to be rewarding. Cleveland-Cliffs Inc (CLF) Q2 2026 Earnings Call Highlights
• Positive Sentiment: Wells Fargo raised its price target on CLF to $11 from $9, signaling improved expectations even while keeping an equal-weight rating. Wells Fargo price target raise
• Neutral Sentiment: Celso Goncalves was promoted to President and CFO and joined the board, a leadership move that is unlikely to move the stock on its own. Cleveland-Cliffs Announces Promotion of Chief Financial Officer
• Negative Sentiment: Despite the earnings-driven rally, brokerage sentiment remains cautious overall, with consensus ratings still leaning toward “Reduce,” suggesting some analysts see limited upside from here. Consensus Rating of Reduce by Brokerages

Wall Street Analyst Weigh In

Several brokerages recently commented on CLF. Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and upped their price target for the company from $9.03 to $15.01 in a report on Tuesday, June 9th. Barclays restated an “underweight” rating and set a $10.00 target price (up from $9.00) on shares of Cleveland-Cliffs in a research report on Friday. The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a report on Friday, May 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday. Finally, Wells Fargo & Company reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Reduce” and an average target price of $11.80.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.95% of the company’s stock.

Institutional Trading of Cleveland-Cliffs

Hedge funds have recently modified their holdings of the company. Los Angeles Capital Management LLC bought a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $25,000. Center for Financial Planning Inc. grew its position in shares of Cleveland-Cliffs by 119.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after buying an additional 1,805 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted 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, CIBC Private Wealth Group LLC lifted 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. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 2.3%

The company’s 50 day simple moving average is $11.26 and its two-hundred day simple moving average is $11.02. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of -4.81 and a beta of 2.13.

Cleveland-Cliffs Company Profile

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.