Cleveland-Cliffs (CLF) Trading Down 5.4%
Shares of Cleveland-Cliffs Inc (NYSE:CLF) fell 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 were traded during mid-day 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 brokerages have recently issued reports on CLF. B. Riley set a $15.00 price target on Cleveland-Cliffs and gave the stock a “buy” rating in a research note on Wednesday, September 26th. Macquarie began coverage on Cleveland-Cliffs in a research note on Tuesday, June 26th. They issued an “outperform” rating on the stock. Seaport Global Securities set a $13.00 price target on Cleveland-Cliffs and gave the stock a “buy” rating in a research note on Monday, July 23rd. ValuEngine raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. Finally, Zacks Investment Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $9.75 price target on the stock in a research note on Tuesday, June 19th. One 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’s stock. The company has a consensus rating of “Buy” and a consensus price target of $11.64.
The stock has a market capitalization of $3.77 billion, a P/E ratio of 23.78 and a beta of 1.70. The company has a debt-to-equity ratio of -7.50, a current ratio of 3.26 and a quick ratio of 2.72.
Institutional investors have recently made changes to their positions in the stock. Xact Kapitalforvaltning AB lifted its position in Cleveland-Cliffs by 29.9% during the first quarter. Xact Kapitalforvaltning AB now owns 38,689 shares of the mining company’s stock worth $269,000 after buying an additional 8,900 shares in the last quarter. Trexquant Investment LP purchased a new position in Cleveland-Cliffs during the second quarter worth approximately $131,000. HRT Financial LLC purchased a new position in Cleveland-Cliffs during the second quarter worth approximately $196,000. Advisors Preferred LLC lifted its position in Cleveland-Cliffs by 425.5% during the second quarter. Advisors Preferred LLC now owns 20,642 shares of the mining company’s stock worth $174,000 after buying an additional 16,714 shares in the last quarter. Finally, IndexIQ Advisors LLC lifted its position in Cleveland-Cliffs by 39.6% during the second quarter. IndexIQ Advisors LLC now owns 22,491 shares of the mining company’s stock worth $190,000 after buying an additional 6,383 shares in the last quarter. 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.
See Also: Leveraged Buyout (LBO)
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.