Susquehanna Portfolio Strategies LLC Sells 213,942 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Susquehanna Portfolio Strategies LLC cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 35.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 386,879 shares of the mining company’s stock after selling 213,942 shares during the quarter. Susquehanna Portfolio Strategies LLC’s holdings in Cleveland-Cliffs were worth $5,954,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rise Advisors LLC increased its stake in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares during the period. Altshuler Shaham Ltd purchased a new stake in Cleveland-Cliffs in the second quarter worth $26,000. Hexagon Capital Partners LLC increased its stake in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after buying an additional 1,343 shares during the period. Finally, LRI Investments LLC bought a new stake in shares of Cleveland-Cliffs in the first quarter valued at about $45,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CLF. B. Riley reiterated a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Bank of America dropped their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Finally, 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Stock Performance

CLF opened at $12.77 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $6.07 billion, a PE ratio of 17.26 and a beta of 1.97. The firm has a 50 day moving average of $13.01 and a two-hundred day moving average of $16.26.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period last year, the firm posted $0.69 EPS. Cleveland-Cliffs’s revenue for the quarter was down 14.9% compared to the same quarter last year. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.03 EPS for the current year.

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.