Cleveland-Cliffs (NYSE:CLF) Sees Large Volume Increase After Better-Than-Expected Earnings

Cleveland-Cliffs Inc. (NYSE:CLF) saw unusually-strong trading volume on Friday following a better than expected earnings announcement. Approximately 8,779,276 shares changed hands during trading, a decline of 53% from the previous session’s volume of 18,772,107 shares.The stock last traded at $11.3310 and had previously closed at $10.96.

The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The business had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.50) earnings per share.

Trending Headlines about Cleveland-Cliffs

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Cleveland-Cliffs posted Q2 results that beat expectations on both earnings and revenue, helped by stronger steel pricing that improved margins even as shipment volumes declined. CLF Q2 Earnings and Sales Beat Estimates on Higher Steel Pricing
• Positive Sentiment: The company reported a sharp jump in adjusted EBITDA, returned to positive free cash flow, and gave a notably optimistic outlook, with investors focusing on the prospect of stronger profitability ahead. Cleveland-Cliffs Inc (CLF) Q2 2026 Earnings Call Highlights: Strong EBITDA Growth and Positive …
• Positive Sentiment: Several analysts turned more constructive, including Glj Research upgrading the stock to buy and lifting its price target, which added to the bullish sentiment around the name. Cleveland-Cliffs upgraded by Glj Research
• Positive Sentiment: Trading activity was also supportive, with reports of unusual call-option buying and multiple articles highlighting CLF as a momentum stock with value appeal.
• Neutral Sentiment: Wells Fargo raised its price target but kept an “equal weight” rating, suggesting some upside remains but not a full endorsement of the rally. Wells Fargo price target raised on CLF
• Neutral Sentiment: The company also announced a leadership change, promoting CFO Celso Goncalves to President and CFO, which is more of a governance update than a direct earnings driver. Cleveland-Cliffs Announces Promotion of Chief Financial Officer
• Negative Sentiment: Not all analyst commentary was supportive: one report said brokerage consensus remains “Reduce,” and another noted Wells Fargo’s new target is still below the current share price, reflecting lingering skepticism about the stock’s valuation and durability of the rebound.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of recent research reports. Bank of America cut their price objective on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, July 9th. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Wells Fargo & Company reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday. Finally, Argus raised Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and a consensus target price of $11.86.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president directly owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.95% of the stock is owned by company insiders.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its position in shares of Cleveland-Cliffs by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after buying an additional 943 shares during the period. Moors & Cabot Inc. grew its position in Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock worth $404,000 after acquiring an additional 960 shares during the period. Whitcomb & Hess Inc. grew its position in Cleveland-Cliffs by 3.8% in the fourth quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock worth $357,000 after acquiring an additional 973 shares during the period. Rexford Capital Inc. increased its stake in Cleveland-Cliffs by 11.8% during the fourth quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock worth $126,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Cidel Asset Management Inc. increased its stake in Cleveland-Cliffs by 6.0% during the fourth quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock worth $242,000 after acquiring an additional 1,037 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

The company has a quick ratio of 0.64, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. The company has a market cap of $6.81 billion, a PE ratio of -7.37 and a beta of 2.13. The stock has a 50-day simple moving average of $11.29 and a 200 day simple moving average of $11.03.

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.