Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 6.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 412,565 shares of the mining company’s stock after selling 26,820 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of Cleveland-Cliffs worth $6,349,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd acquired a new stake in Cleveland-Cliffs in the second quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth $31,000. Gradient Investments LLC lifted its holdings in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after buying an additional 1,249 shares in the last quarter. Rise Advisors LLC boosted its position in Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after buying an additional 1,429 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in shares of Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after acquiring an additional 500 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $13.00 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The firm’s 50-day moving average price is $12.76 and its two-hundred day moving average price is $15.97. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The stock has a market capitalization of $6.18 billion, a P/E ratio of 17.57 and a beta of 1.98.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Bank of America reduced their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. B. Riley restated a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, Morgan Stanley cut 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 research note on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.56.

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.