Cleveland-Cliffs (NYSE:CLF) Share Price Breaks Below 200-Day Moving Average – Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF)’s stock price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $11.39 and traded as low as $11.25. Cleveland-Cliffs shares last traded at $11.2640, with a volume of 23,689,109 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CLF shares. Barclays boosted their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “underweight” rating in a research report on Thursday, October 22nd. Bank of America cut their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, July 9th. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, October 22nd. Morgan Stanley lifted their target price on Cleveland-Cliffs from $12.50 to $14.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 20th. Finally, Citigroup boosted their price target on Cleveland-Cliffs from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Friday, October 30th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $14.18.

Cleveland-Cliffs Stock Down 12.3%

The business has a 50-day moving average of $12.53 and a 200 day moving average of $11.39. The company has a market capitalization of $6.43 billion, a PE ratio of -13.25, a P/E/G ratio of 5.49 and a beta of 1.99. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, October 19th. The mining company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.04. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.69 billion. During the same quarter last year, the business posted ($0.51) EPS. The firm’s revenue for the quarter was up 18.5% compared to the same quarter last year. Equities research analysts predict that Cleveland-Cliffs Inc. will post 0.10 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In other news, Director Edilson Camara bought 7,400 shares of the stock in a transaction dated Thursday, October 22nd. The stock was purchased at an average cost of $13.49 per share, for a total transaction of $99,826.00. Following the transaction, the director owned 64,717 shares of the company’s stock, valued at $873,032.33. The trade was a 12.91% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Several large investors have recently bought and sold shares of CLF. Maryland State Retirement & Pension System lifted its position in Cleveland-Cliffs by 25.3% during the third quarter. Maryland State Retirement & Pension System now owns 34,516 shares of the mining company’s stock valued at $380,000 after purchasing an additional 6,975 shares during the last quarter. Lido Advisors LLC grew its stake in shares of Cleveland-Cliffs by 13.5% in the 3rd quarter. Lido Advisors LLC now owns 28,343 shares of the mining company’s stock worth $312,000 after buying an additional 3,363 shares in the last quarter. Fulcrum Asset Management LLP grew its stake in shares of Cleveland-Cliffs by 27,538.7% in the 3rd quarter. Fulcrum Asset Management LLP now owns 46,433 shares of the mining company’s stock worth $511,000 after buying an additional 46,265 shares in the last quarter. StoneX Group Inc. purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter worth $201,000. Finally, CenterBook Partners LP bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth about $218,000. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.