Cleveland-Cliffs (NYSE:CLF) Hits New 1-Year Low at $10.90

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price hit a new 52-week low on Tuesday . The stock traded as low as $10.90 and last traded at $10.91, with a volume of 925015 shares changing hands. The stock had previously closed at $11.26.

Wall Street Analyst Weigh In

CLF has been the subject of several analyst reports. Jefferies Financial Group began coverage on Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 target price for the company. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Bank of America reduced their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Finally, Morgan Stanley lowered their price objective on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $18.94.

Cleveland-Cliffs Trading Down 5.0 %

The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The company has a market cap of $5.01 billion, a P/E ratio of 14.39, a PEG ratio of 6.73 and a beta of 1.98. The business has a fifty day moving average price of $14.08 and a 200-day moving average price of $17.05.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the firm earned $0.69 EPS. Cleveland-Cliffs’s revenue was down 14.9% on a year-over-year basis. On average, analysts forecast that Cleveland-Cliffs Inc. will post 0.04 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In related news, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the completion of the transaction, the chief financial officer now directly owns 314,362 shares in the company, valued at approximately $4,709,142.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ben Oren bought 6,700 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the completion of the purchase, the director now owns 14,167 shares of the company’s stock, valued at $212,363.33. The disclosure for this purchase can be found here. 1.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLF. Norges Bank purchased a new position in shares of Cleveland-Cliffs during the 4th quarter valued at about $117,585,000. Dimensional Fund Advisors LP raised its holdings in shares of Cleveland-Cliffs by 54.7% in the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after acquiring an additional 5,621,797 shares in the last quarter. Peconic Partners LLC purchased a new stake in Cleveland-Cliffs during the fourth quarter worth $42,370,000. AQR Capital Management LLC increased its position in shares of Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new position in Cleveland-Cliffs during the 4th quarter valued at approximately $22,937,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.