Cleveland-Cliffs (NYSE:CLF) Trading Down 5.9%
Cleveland-Cliffs Inc (NYSE:CLF)’s stock price fell 5.9% on Monday . The stock traded as low as $7.12 and last traded at $7.17, 14,202,038 shares were traded during trading. An increase of 32% from the average session volume of 10,772,013 shares. The stock had previously closed at $7.62.
Several brokerages have recently weighed in on CLF. Citigroup reduced their price target on Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $14.00 to $8.00 in a research report on Monday, September 23rd. B. Riley dropped their price objective on 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 raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Cowen set a $10.00 price objective on Cleveland-Cliffs and gave the company a “hold” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $10.30.
The company has a debt-to-equity ratio of 7.37, a current ratio of 2.56 and a quick ratio of 1.81. The company has a market capitalization of $1.98 billion, a PE ratio of 3.37 and a beta of 2.04. The firm has a 50-day moving average of $7.66 and a 200 day moving average of $9.31.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, October 4th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.24 annualized dividend and a dividend yield of 3.35%. Cleveland-Cliffs’s dividend payout ratio (DPR) is presently 11.27%.
In other news, CFO Keith Koci bought 30,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $8.39 per share, with a total value of $251,700.00. Following the completion of the transaction, the chief financial officer now owns 74,349 shares of the company’s stock, valued at approximately $623,788.11. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John T. Baldwin bought 6,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average cost of $8.70 per share, for a total transaction of $52,200.00. Following the completion of the transaction, the director now directly owns 107,727 shares of the company’s stock, valued at approximately $937,224.90. The disclosure for this purchase can be found here. Insiders have purchased 67,500 shares of company stock worth $551,320 over the last ninety days. 1.32% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the business. LSV Asset Management lifted its position in shares of Cleveland-Cliffs by 7,324.1% during the 2nd quarter. LSV Asset Management now owns 2,939,928 shares of the mining company’s stock valued at $31,369,000 after buying an additional 2,900,328 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $14,694,000. Nuveen Asset Management LLC purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $12,290,000. General American Investors Co. Inc. purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $8,639,000. Finally, Hodges Capital Management Inc. lifted its position in shares of Cleveland-Cliffs by 31.4% during the 2nd quarter. Hodges Capital Management Inc. now owns 2,363,545 shares of the mining company’s stock valued at $25,219,000 after buying an additional 565,405 shares in the last quarter. 81.88% of the stock is currently owned by institutional investors and hedge funds.
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.
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