Cleveland-Cliffs Inc. (NYSE:CLF) Stake Lowered by Bank of Montreal Can

Bank of Montreal Can cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 67.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 350,409 shares of the mining company’s stock after selling 737,750 shares during the quarter. Bank of Montreal Can owned approximately 0.07% of Cleveland-Cliffs worth $5,400,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Hodges Capital Management Inc. grew its holdings in shares of Cleveland-Cliffs by 5.0% during the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock valued at $33,852,000 after purchasing an additional 104,197 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Cleveland-Cliffs by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after buying an additional 984 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Cleveland-Cliffs by 82.2% in the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock worth $8,932,000 after buying an additional 177,198 shares in the last quarter. Natixis bought a new position in Cleveland-Cliffs in the 1st quarter worth approximately $100,000. Finally, TD Asset Management Inc grew its holdings in Cleveland-Cliffs by 25.7% in the 4th quarter. TD Asset Management Inc now owns 45,612 shares of the mining company’s stock worth $931,000 after buying an additional 9,312 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

CLF has been the subject of a number of recent analyst reports. Bank of America decreased their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Citigroup decreased their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. 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. Finally, Morgan Stanley decreased their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $12.99 on Wednesday. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97. The stock has a fifty day moving average of $12.96 and a 200-day moving average of $16.15. The company has a market capitalization of $6.18 billion, a PE ratio of 17.55 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the firm earned $0.69 EPS. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.03 EPS 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.