Cleveland-Cliffs (NYSE:CLF) Shares Down 3.9% – Should You Sell?

Cleveland-Cliffs Inc. (NYSE:CLF) fell 3.9% during trading on Friday . The stock traded as low as $9.12 and last traded at $9.17. Approximately 7,828,229 shares were traded during trading, a decline of 12% from the average daily volume of 8,911,181 shares. The stock had previously closed at $9.54.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of research reports. Citigroup cut their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Finally, The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average target price of $17.22.

Cleveland-Cliffs Stock Down 0.4 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company’s 50-day simple moving average is $11.52 and its two-hundred day simple moving average is $12.91. The firm has a market cap of $4.69 billion, a PE ratio of -9.79 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. The firm’s quarterly revenue was down 18.5% compared to the same quarter last year. On average, analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CLF. 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 worth $244,794,000 after buying an additional 5,621,797 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after buying an additional 3,110,651 shares during the last quarter. Barclays PLC lifted its holdings in Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after purchasing an additional 2,027,757 shares during the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth about $22,122,000. 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.