Cleveland-Cliffs (NYSE:CLF) Shares Down 7% – What’s Next?

Cleveland-Cliffs Inc. (NYSE:CLF) traded down 7% during mid-day trading on Wednesday . The company traded as low as $12.42 and last traded at $12.3390. 3,794,219 shares were traded during mid-day trading, a decline of 60% from the average session volume of 9,590,427 shares. The stock had previously closed at $13.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CLF shares. Bank of America lifted their target price on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a report on Tuesday, October 21st. Citigroup reduced their price objective on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. JPMorgan Chase & Co. increased their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Thursday, October 30th. Finally, Wells Fargo & Company raised shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $11.00 to $12.00 in a research note on Friday, November 14th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $12.78.

Cleveland-Cliffs Price Performance

The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. The company has a market capitalization of $6.00 billion, a PE ratio of -3.58 and a beta of 1.91. The firm’s 50 day simple moving average is $12.36 and its 200 day simple moving average is $11.44.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.03. The firm had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.33) EPS. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of institutional investors and hedge funds have recently modified their holdings of CLF. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 4,315.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,942 shares during the period. Larson Financial Group LLC increased its position in shares of Cleveland-Cliffs by 819.2% during the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after acquiring an additional 2,392 shares during the period. Deseret Mutual Benefit Administrators increased its position in shares of Cleveland-Cliffs by 72.6% during the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,164 shares during the period. Trust Co. of Toledo NA OH bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $27,000. Finally, Atwood & Palmer Inc. bought a new position in Cleveland-Cliffs in the second quarter worth approximately $27,000. 67.68% of the stock is owned by institutional investors.

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.