Allspring Global Investments Holdings LLC Cuts Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 11.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 187,637 shares of the mining company’s stock after selling 24,113 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cleveland-Cliffs were worth $2,396,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Twelve Points Wealth Management LLC raised its stake in shares of Cleveland-Cliffs by 58.5% during the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock valued at $1,708,000 after acquiring an additional 49,359 shares during the last quarter. Hodges Capital Management Inc. grew its position in shares of Cleveland-Cliffs by 5.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after buying an additional 104,197 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Cleveland-Cliffs by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after purchasing an additional 984 shares in the last quarter. Russell Investments Group Ltd. increased its position in Cleveland-Cliffs by 82.2% during the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock valued at $8,932,000 after buying an additional 177,198 shares in the last quarter. Finally, Natixis bought a new position in shares of Cleveland-Cliffs during the first quarter valued at $100,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CLF. Citigroup reduced their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Morgan Stanley decreased their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Two equities 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Trading Up 0.4 %

Shares of CLF opened at $13.72 on Wednesday. The firm has a market cap of $6.52 billion, a P/E ratio of 18.54 and a beta of 1.98. The company has a 50 day simple moving average of $12.67 and a two-hundred day simple moving average of $14.87. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

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.