Shares of Cleveland-Cliffs Inc (NYSE:CLF) were down 6.7% during trading on Thursday . The stock traded as low as $7.78 and last traded at $7.84, approximately 19,331,021 shares traded hands during trading. An increase of 62% from the average daily volume of 11,960,735 shares. The stock had previously closed at $8.40.
Several analysts recently commented on CLF shares. Exane BNP Paribas started coverage on shares of Cleveland-Cliffs in a research report on Thursday, November 14th. They set a “neutral” rating on the stock. Citigroup dropped their price target on shares of Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. B. Riley dropped their price target on shares of Cleveland-Cliffs from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. ValuEngine upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $14.00 to $8.00 in a research report on Monday, September 23rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $10.67.
The company’s 50-day moving average price is $8.09 and its 200-day moving average price is $8.50. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of 3.68 and a beta of 2.10. The company has a quick ratio of 1.61, a current ratio of 2.32 and a debt-to-equity ratio of 5.86.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Wednesday, October 23rd. The mining company reported $0.33 earnings per share (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 analyst estimates of $544.88 million. Cleveland-Cliffs had a net margin of 38.99% and a return on equity of 125.91%. The company’s revenue for the quarter was down 25.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.41 earnings per share. Analysts predict that Cleveland-Cliffs Inc will post 1.11 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, January 3rd will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 3.06%. 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 firm’s stock in a transaction dated Thursday, December 5th. The shares were purchased at an average cost of $7.94 per share, with a total value of $39,700.00. Following the completion of the purchase, the director now owns 23,837 shares in the company, valued at approximately $189,265.78. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith Koci purchased 12,800 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was acquired at an average cost of $8.11 per share, for a total transaction of $103,808.00. Following the completion of the purchase, the chief financial officer now owns 99,649 shares of the company’s stock, valued at approximately $808,153.39. The disclosure for this purchase can be found here. Company insiders own 1.32% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Fisher Asset Management LLC lifted its stake in shares of Cleveland-Cliffs by 5.7% in the third quarter. Fisher Asset Management LLC now owns 13,612,245 shares of the mining company’s stock worth $98,280,000 after buying an additional 739,275 shares in the last quarter. Hodges Capital Management Inc. grew its holdings in shares of Cleveland-Cliffs by 31.4% in the second quarter. Hodges Capital Management Inc. now owns 2,363,545 shares of the mining company’s stock valued at $25,219,000 after purchasing an additional 565,405 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Cleveland-Cliffs by 10.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,110,389 shares of the mining company’s stock worth $22,517,000 after acquiring an additional 198,433 shares in the last quarter. Victory Capital Management Inc. acquired a new position in Cleveland-Cliffs during the 2nd quarter worth approximately $14,694,000. Finally, Nuveen Asset Management LLC acquired a new position in Cleveland-Cliffs during the 2nd quarter worth approximately $12,290,000. 80.72% of the stock is currently owned by hedge funds and other institutional investors.
About Cleveland-Cliffs (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.