SG Americas Securities LLC Sells 28,315 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

SG Americas Securities LLC cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 40.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,586 shares of the mining company’s stock after selling 28,315 shares during the period. SG Americas Securities LLC’s holdings in Cleveland-Cliffs were worth $391,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. increased 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 buying an additional 3,110,651 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cleveland-Cliffs by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after purchasing an additional 121,389 shares in the last quarter. Drexel Morgan & Co. increased its position in shares of Cleveland-Cliffs by 3.8% in the third quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock valued at $40,869,000 after acquiring an additional 116,400 shares during the last quarter. Barclays PLC increased its position in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after acquiring an additional 2,176,837 shares during the last quarter. Finally, Hodges Capital Management Inc. increased its position in Cleveland-Cliffs by 33.0% during the third quarter. Hodges Capital Management Inc. now owns 2,925,677 shares of the mining company’s stock worth $37,361,000 after buying an additional 726,043 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CLF. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a research note on Tuesday, January 7th. Finally, Citigroup cut their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $16.68.

Cleveland-Cliffs Stock Down 4.8 %

Shares of NYSE:CLF opened at $9.75 on Tuesday. The firm has a fifty day moving average of $10.44 and a 200 day moving average of $12.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97. The firm has a market capitalization of $4.81 billion, a PE ratio of -10.05 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) 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 firm 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 company posted $0.54 earnings per share. The business’s revenue was down 18.5% on a year-over-year basis. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.69 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.