Cleveland-Cliffs Inc (NYSE:CLF) shares traded -3.32% lower at $15.13 on Wall Street last session.
CLF stock price is now -19.08% away from the 50-day moving average and -16.06% away from the 200-day moving average. The market capitalization of the company currently stands at $7.19B.
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With the price target reduced from $23 to $17, JP Morgan Downgraded its rating from Overweight to Neutral for Cleveland-Cliffs Inc (NYSE: CLF). On May 20, 2024, Jefferies recently initiated its ‘Buy’ rating on the stock quoting a target price of $22, while ‘Wolfe Research’ rates the stock as ‘Underperform’
In other news, GONCALVES LOURENCO, Chairman, President & CEO bought 60,000 shares of the company’s stock on May 01 ’24. The stock was bought for $1,005,666 at an average price of $16.76. Upon completion of the transaction, the Chairman, President & CEO now directly owns 2,759,089 shares in the company, valued at $41.75 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 01 ’24, Director Bloom Ron A. bought 25,000 shares of the business’s stock. A total of $424,875 was incurred on buying the stock at an average price of $17.00. This leaves the insider owning 59,900 shares of the company worth $0.91 million. A total of 2.00% of the company’s stock is owned by insiders.
During the past 12 months, Cleveland-Cliffs Inc has had a low of $13.84 and a high of $22.97. As of last week, the company has a debt-to-equity ratio of 0.51, a current ratio of 1.90, and a quick ratio of 0.59. The fifty day moving average price for CLF is $18.6972 and a two-hundred day moving average price translates $18.02405 for the stock.
The latest earnings results from Cleveland-Cliffs Inc (NYSE: CLF) was released for 2024-03-31. The net profit margin was 1.78% and return on equity was 5.28% for CLF. The company reported revenue of $5.2 billion for the quarter, compared to $5.29 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -1.81 percent.
Cleveland-Cliffs Inc(CLF) Company Profile
Cleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. The company offers hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, galvalume, enameling, and advanced high-strength steel products; austenitic, martensitic, duplex, precipitation hardening, and ferritic stainless steel products; plates; and grain oriented and non-oriented electrical steel products, as well as slab, scrap, iron ore, coal, and coke. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing. In addition, the company offers tinplate products, such as electrolytic tin coated and chrome coated sheet, and tin mill products; tooling and sampling; ingots, rolled blooms, and cast blooms; and hot-briquetted iron products. Further, it owns five iron ore mines in Minnesota and Michigan. The company serves automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.
