Fmr LLC Cuts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Fmr LLC lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 98.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,769 shares of the mining company’s stock after selling 1,164,454 shares during the period. Fmr LLC’s holdings in Cleveland-Cliffs were worth $278,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Twelve Points Wealth Management LLC boosted its holdings in Cleveland-Cliffs by 58.5% in the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after acquiring an additional 49,359 shares in the last quarter. Commerce Bank boosted its stake in Cleveland-Cliffs by 342.8% in the 3rd quarter. Commerce Bank now owns 116,870 shares of the mining company’s stock worth $1,492,000 after purchasing an additional 90,477 shares in the last quarter. Hodges Capital Management Inc. grew its position in Cleveland-Cliffs by 5.0% during the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after purchasing an additional 104,197 shares during the last quarter. GSA Capital Partners LLP increased its stake in Cleveland-Cliffs by 295.9% during the 3rd quarter. GSA Capital Partners LLP now owns 205,461 shares of the mining company’s stock valued at $2,624,000 after purchasing an additional 153,560 shares in the last quarter. Finally, Lombard Odier Asset Management USA Corp purchased a new position in shares of Cleveland-Cliffs in the second quarter worth $2,339,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 0.5 %

Shares of CLF stock opened at $9.38 on Friday. The stock has a 50 day simple moving average of $12.30 and a 200-day simple moving average of $13.35. Cleveland-Cliffs Inc. has a 1-year low of $9.13 and a 1-year high of $22.97. The company has a market cap of $4.63 billion, a price-to-earnings ratio of -9.67 and a beta of 1.92. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the previous year, the business earned $0.54 earnings per share. The business’s revenue for the quarter was down 18.5% on a year-over-year basis. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price on the stock. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Morgan Stanley lowered their target price 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, Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $17.22.

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.