Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by MML Investors Services LLC

MML Investors Services LLC lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 8.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,790 shares of the mining company’s stock after selling 1,523 shares during the period. MML Investors Services LLC’s holdings in Cleveland-Cliffs were worth $214,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after buying an additional 5,621,797 shares during the period. Pacer Advisors Inc. lifted 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 valued at $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. Rockefeller Capital Management L.P. bought a new position in Cleveland-Cliffs during the third quarter valued at about $22,122,000. Finally, International Assets Investment Management LLC boosted its stake in shares of Cleveland-Cliffs by 1,893.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock worth $156,800,000 after acquiring an additional 1,166,258 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the stock. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. 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 report on Wednesday, September 18th. 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 price objective for the company. Finally, Citigroup dropped their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $17.22.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $9.35 on Friday. Cleveland-Cliffs Inc. has a one year low of $9.13 and a one year high of $22.97. The firm has a 50-day moving average of $11.92 and a 200-day moving average of $13.10. 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 $4.62 billion, a PE ratio of -9.64 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results 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 the consensus estimate of $4.72 billion. During the same period last year, the firm posted $0.54 earnings per share. The company’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current 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.