Cleveland-Cliffs (NYSE:CLF) Trading Down 6.1% – Here’s Why

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) were down 6.1% on Wednesday . The company traded as low as $10.63 and last traded at $10.62. Approximately 16,408,246 shares were traded during trading, an increase of 4% from the average daily volume of 15,837,275 shares. The stock had previously closed at $11.30.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CLF shares. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Finally, Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.68.

Cleveland-Cliffs Stock Performance

The stock has a market cap of $5.21 billion, a P/E ratio of -10.88 and a beta of 1.96. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm’s 50 day moving average is $10.25 and its 200 day moving average is $11.86.

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds and other institutional investors have recently modified their holdings of CLF. Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the last quarter. Pacer Advisors Inc. lifted its position in Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after purchasing an additional 3,110,651 shares during the period. Bank of New York Mellon Corp boosted its holdings in Cleveland-Cliffs by 20.1% in the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after purchasing an additional 1,236,247 shares during the last quarter. Norges Bank acquired a new stake in Cleveland-Cliffs during the 4th quarter worth about $45,381,000. Finally, Drexel Morgan & Co. raised its stake in shares of Cleveland-Cliffs by 34.4% during the 4th quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company’s stock valued at $40,424,000 after buying an additional 1,100,000 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other 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.