Sei Investments Co. Has $4.62 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Sei Investments Co. decreased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 27.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 300,201 shares of the mining company’s stock after selling 113,733 shares during the quarter. Sei Investments Co. owned approximately 0.06% of Cleveland-Cliffs worth $4,620,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Corient Private Wealth LLC acquired a new position in Cleveland-Cliffs in the fourth quarter worth $697,000. TD Asset Management Inc boosted its stake in Cleveland-Cliffs by 25.7% in the fourth quarter. TD Asset Management Inc now owns 45,612 shares of the mining company’s stock worth $931,000 after purchasing an additional 9,312 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Cleveland-Cliffs by 2.2% in the fourth quarter. Treasurer of the State of North Carolina now owns 228,113 shares of the mining company’s stock worth $4,658,000 after purchasing an additional 4,899 shares in the last quarter. KBC Group NV boosted its stake in Cleveland-Cliffs by 202.6% in the fourth quarter. KBC Group NV now owns 507,925 shares of the mining company’s stock worth $10,371,000 after purchasing an additional 340,060 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Cleveland-Cliffs by 600.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 77,937 shares of the mining company’s stock worth $1,591,000 after purchasing an additional 66,806 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CLF. Bank of America reduced their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup cut their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Morgan Stanley cut their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Finally, B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $12.99 on Wednesday. The stock has a market cap of $6.18 billion, a PE ratio of 17.55 and a beta of 1.97. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The business’s 50-day moving average price is $12.96 and its two-hundred day moving average price is $16.15.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. Cleveland-Cliffs’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter last year, the business posted $0.69 EPS. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.03 earnings per share for the current fiscal 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.