Flagship Harbor Advisors LLC Reduces Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Flagship Harbor Advisors LLC lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 11.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,618 shares of the mining company’s stock after selling 2,895 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Cleveland-Cliffs were worth $213,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in shares of Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after buying an additional 3,110,651 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Cleveland-Cliffs by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock worth $47,902,000 after buying an additional 121,389 shares in the last quarter. Drexel Morgan & Co. grew its holdings in shares of Cleveland-Cliffs by 3.8% during the third quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock valued at $40,869,000 after buying an additional 116,400 shares during the last quarter. Barclays PLC increased its position in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after acquiring an additional 2,176,837 shares in the last quarter. Finally, Hodges Capital Management Inc. raised its holdings in Cleveland-Cliffs by 33.0% in the 3rd quarter. Hodges Capital Management Inc. now owns 2,925,677 shares of the mining company’s stock worth $37,361,000 after acquiring an additional 726,043 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Trading Up 2.4 %

Shares of CLF stock opened at $10.50 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a market cap of $5.18 billion, a price-to-earnings ratio of -10.82 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1 year low of $8.99 and a 1 year high of $22.97. The firm has a fifty day moving average price of $10.54 and a 200-day moving average price of $12.19.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter in the previous year, the company earned $0.54 EPS. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.71 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the company. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a report on Tuesday, January 7th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. Finally, Citigroup reduced their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.93.

Cleveland-Cliffs Company 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.