Cleveland-Cliffs (NYSE:CLF) Sees Unusually-High Trading Volume After Better-Than-Expected Earnings

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) saw strong trading volume on Friday following a stronger than expected earnings report. 8,779,276 shares were traded during mid-day 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the firm earned ($0.50) EPS. Cleveland-Cliffs’s quarterly revenue was up 5.9% on a year-over-year basis.

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.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CLF. Argus raised shares of Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Bank of America lowered their price objective on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and increased their target price for the stock from $15.01 to $15.60 in a research note on Friday. Finally, Barclays raised their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Friday. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average target price of $11.86.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. This trade represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.95% of the stock is currently owned by company insiders.

Institutional Trading of Cleveland-Cliffs

A number of institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. increased its holdings in Cleveland-Cliffs by 208.2% in the second quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock valued at $56,545,000 after buying an additional 4,067,994 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Cleveland-Cliffs by 60.0% during the 2nd quarter. GAMMA Investing LLC now owns 12,149 shares of the mining company’s stock worth $114,000 after acquiring an additional 4,557 shares in the last quarter. Moody National Bank Trust Division acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth approximately $545,000. Versant Capital Management Inc grew its holdings in shares of Cleveland-Cliffs by 24.3% in the 2nd quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock worth $77,000 after acquiring an additional 1,614 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of Cleveland-Cliffs by 25.2% in the 1st quarter. NewEdge Advisors LLC now owns 123,427 shares of the mining company’s stock worth $1,043,000 after acquiring an additional 24,868 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 8.9%

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

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.