Cleveland-Cliffs (NYSE:CLF) Sets New 52-Week Low at $12.33

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price hit a new 52-week low on Tuesday . The company traded as low as $12.33 and last traded at $12.37, with a volume of 3796419 shares changing hands. The stock had previously closed at $13.06.

Analyst Ratings Changes

Several brokerages have commented on CLF. Bank of America dropped their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Jefferies Financial Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, May 20th. They issued a “buy” rating and a $22.00 price target on the stock. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. Finally, JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.94.

Cleveland-Cliffs Stock Down 3.6 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The stock has a market capitalization of $5.50 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 7.70 and a beta of 2.03. The firm’s fifty day moving average is $14.31 and its 200-day moving average is $17.25.

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

Insider Transactions at Cleveland-Cliffs

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

Institutional Trading of Cleveland-Cliffs

Several hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $1,010,000. Truist Financial Corp increased its holdings in Cleveland-Cliffs by 1.1% in the second quarter. Truist Financial Corp now owns 355,171 shares of the mining company’s stock worth $5,466,000 after buying an additional 3,939 shares during the last quarter. Creative Planning lifted its position in shares of Cleveland-Cliffs by 39.2% in the second quarter. Creative Planning now owns 118,761 shares of the mining company’s stock worth $1,828,000 after buying an additional 33,415 shares during the last quarter. MidWestOne Financial Group Inc. grew its stake in Cleveland-Cliffs by 13.8% in the 2nd quarter. MidWestOne Financial Group Inc. now owns 106,504 shares of the mining company’s stock valued at $1,639,000 after buying an additional 12,908 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new position in shares of Cleveland-Cliffs in the second quarter worth about $552,000. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

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.