Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Fmr LLC

Fmr LLC lowered its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 98.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,769 shares of the mining company’s stock after selling 1,164,454 shares during the period. Fmr LLC’s holdings in Cleveland-Cliffs were worth $278,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Altus Wealth Group LLC increased its position in shares of Cleveland-Cliffs by 7.2% in the 3rd quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock valued at $152,000 after purchasing an additional 800 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Cleveland-Cliffs by 7.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after purchasing an additional 949 shares during the last quarter. Clear Creek Financial Management LLC increased its stake in Cleveland-Cliffs by 6.9% in the second quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company’s stock valued at $238,000 after purchasing an additional 1,000 shares during the last quarter. National Bank of Canada FI raised its holdings in Cleveland-Cliffs by 16.2% during the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock worth $129,000 after purchasing an additional 1,173 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Cleveland-Cliffs by 3.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company’s stock worth $515,000 after buying an additional 1,237 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Up 0.5 %

CLF stock opened at $9.38 on Friday. Cleveland-Cliffs Inc. has a one year low of $9.13 and a one year high of $22.97. 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 company has a fifty day moving average of $12.30 and a 200-day moving average of $13.35. The stock has a market capitalization of $4.63 billion, a PE ratio of -9.67 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 EPS. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on CLF. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley decreased their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.22.

Cleveland-Cliffs Profile

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.