Cleveland-Cliffs’ (CLF) “Sell” Rating Reiterated at Glj Research

Cleveland-Cliffs (NYSE:CLF)‘s stock had its “sell” rating reissued by Glj Research in a research note issued to investors on Monday,Benzinga reports. They currently have a $9.42 price target on the mining company’s stock. Glj Research’s price objective would suggest a potential upside of 11.28% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. KeyCorp cut shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a report on Wednesday, January 7th. Morgan Stanley raised Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $12.80 to $17.00 in a research report on Friday, January 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. The Goldman Sachs Group reiterated a “buy” rating and set a $15.00 price objective on shares of Cleveland-Cliffs in a research note on Monday, February 9th. Finally, Wall Street Zen raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $13.89.

Cleveland-Cliffs Stock Down 5.1%

NYSE:CLF opened at $8.47 on Monday. The stock has a 50-day simple moving average of $12.19 and a 200 day simple moving average of $12.29. Cleveland-Cliffs has a 52-week low of $5.63 and a 52-week high of $16.70. The company has a market cap of $4.83 billion, a PE ratio of -2.90 and a beta of 1.99. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, February 9th. The mining company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.62) by $0.19. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.60 billion. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.68) EPS. On average, sell-side analysts expect that Cleveland-Cliffs will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other news, COO Clifford T. Smith sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $10.46, for a total value of $2,092,000.00. Following the sale, the chief operating officer directly owned 560,529 shares in the company, valued at approximately $5,863,133.34. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total transaction of $37,260,000.00. The SEC filing for this sale provides additional information. Company insiders own 1.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Focus Partners Wealth bought a new stake in Cleveland-Cliffs during the 1st quarter worth $339,000. AE Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs during the second quarter worth about $293,000. Allworth Financial LP boosted its position in Cleveland-Cliffs by 3,844.7% during the 2nd quarter. Allworth Financial LP now owns 10,493 shares of the mining company’s stock worth $80,000 after buying an additional 10,227 shares during the period. Vise Technologies Inc. bought a new position in shares of Cleveland-Cliffs during the second quarter valued at $120,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Cleveland-Cliffs by 0.5% during the second quarter. PNC Financial Services Group Inc. now owns 297,128 shares of the mining company’s stock worth $2,258,000 after purchasing an additional 1,399 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.