Cleveland-Cliffs (NYSE:CLF) Shares Gap Down to $7.51

Cleveland-Cliffs Inc (NYSE:CLF) shares gapped down prior to trading on Wednesday . The stock had previously closed at $7.69, but opened at $7.51. Cleveland-Cliffs shares last traded at $8.00, with a volume of 450,640 shares traded.

Several research firms have recently commented on CLF. ValuEngine raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Citigroup lowered their price objective on Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Macquarie set a $10.00 target price on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a report on Tuesday, September 24th. Credit Suisse Group decreased their target price on shares of Cleveland-Cliffs from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $14.00 to $8.00 in a report on Monday, September 23rd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $10.67.

The company has a current ratio of 2.32, a quick ratio of 1.61 and a debt-to-equity ratio of 5.86. The stock has a 50 day simple moving average of $7.48 and a 200-day simple moving average of $8.64. The firm has a market cap of $2.14 billion, a PE ratio of 3.73 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Wednesday, October 23rd. The mining company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.09. The business had revenue of $555.60 million for the quarter, compared to the consensus estimate of $544.88 million. Cleveland-Cliffs had a return on equity of 125.91% and a net margin of 38.99%. The business’s revenue was down 25.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.41 earnings per share. On average, equities research analysts expect that Cleveland-Cliffs Inc will post 1.11 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, January 3rd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Thursday, January 2nd. Cleveland-Cliffs’s dividend payout ratio is currently 11.27%.

In other Cleveland-Cliffs news, Director Robert P. Fisher, Jr. purchased 5,000 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were bought at an average cost of $7.94 per share, with a total value of $39,700.00. 1.32% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of CLF. Captrust Financial Advisors bought a new position in Cleveland-Cliffs during the second quarter valued at $28,000. Advisors Preferred LLC purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $32,000. Schroder Investment Management Group bought a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at about $33,000. Neo Ivy Capital Management bought a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at about $34,000. Finally, Tower Research Capital LLC TRC grew its position in Cleveland-Cliffs by 235.0% in the third quarter. Tower Research Capital LLC TRC now owns 4,848 shares of the mining company’s stock worth $35,000 after acquiring an additional 3,401 shares in the last quarter. Hedge funds and other institutional investors own 80.70% of the company’s stock.

Cleveland-Cliffs Company Profile (NYSE:CLF)

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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