Cleveland-Cliffs (CLF) Shares Price Down 5.4%

Shares of Cleveland-Cliffs Inc (NYSE:CLF) traded down 5.4% during mid-day trading on Wednesday . The company traded as low as $11.57 and last traded at $11.60. 10,343,229 shares changed hands during trading, a decline of 12% from the average session volume of 11,716,156 shares. The stock had previously closed at $12.26.

A number of analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Tuesday. Citigroup raised their price objective on shares of Cleveland-Cliffs from $12.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, October 5th. B. Riley set a $15.00 price objective on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a report on Wednesday, September 26th. ValuEngine upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. Finally, Jefferies Financial Group upgraded shares of Cleveland-Cliffs to a “buy” rating and set a $13.00 price objective for the company in a report on Friday, September 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. Cleveland-Cliffs presently has an average rating of “Buy” and a consensus price target of $11.64.

The company has a current ratio of 3.26, a quick ratio of 2.72 and a debt-to-equity ratio of -7.50. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 23.84 and a beta of 1.70.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Friday, July 20th. The mining company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.20. The firm had revenue of $714.00 million during the quarter, compared to analyst estimates of $653.75 million. Cleveland-Cliffs had a net margin of 20.07% and a negative return on equity of 76.39%. The company’s quarterly revenue was up 51.6% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share. As a group, equities analysts expect that Cleveland-Cliffs Inc will post 2.07 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the business. NEXT Financial Group Inc bought a new position in Cleveland-Cliffs during the third quarter worth about $122,000. Tower Research Capital LLC TRC boosted its position in Cleveland-Cliffs by 1,248.2% during the second quarter. Tower Research Capital LLC TRC now owns 11,999 shares of the mining company’s stock worth $101,000 after purchasing an additional 11,109 shares during the period. Trexquant Investment LP bought a new position in Cleveland-Cliffs during the second quarter worth about $131,000. Baird Financial Group Inc. boosted its position in Cleveland-Cliffs by 67.3% during the second quarter. Baird Financial Group Inc. now owns 18,643 shares of the mining company’s stock worth $157,000 after purchasing an additional 7,500 shares during the period. Finally, Moors & Cabot Inc. boosted its position in Cleveland-Cliffs by 74.9% during the first quarter. Moors & Cabot Inc. now owns 18,795 shares of the mining company’s stock worth $131,000 after purchasing an additional 8,050 shares during the period. Hedge funds and other institutional investors own 67.56% 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; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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