Cleveland-Cliffs (NYSE:CLF) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Cleveland-Cliffs (NYSE:CLF) from a hold rating to a sell rating in a research report report published on Thursday.

CLF has been the subject of several other reports. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Citigroup dropped their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Trading Down 3.5 %

CLF stock opened at $12.87 on Thursday. The firm has a fifty day moving average price of $12.63 and a 200 day moving average price of $14.49. Cleveland-Cliffs has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 1.85. The firm has a market cap of $6.36 billion, a PE ratio of -13.27 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period last year, the business posted $0.54 earnings per share. Sell-side analysts anticipate that Cleveland-Cliffs will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

Institutional investors and hedge funds have recently made changes to their positions in the company. Altshuler Shaham Ltd bought a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after acquiring an additional 1,343 shares in the last quarter. Strengthening Families & Communities LLC raised its holdings in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares in the last quarter. LRI Investments LLC bought a new stake in shares of Cleveland-Cliffs in the first quarter valued at about $45,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $31,000. 67.68% of the stock is currently owned by institutional investors.

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.