Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Moors & Cabot Inc.

Moors & Cabot Inc. trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 7.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,806 shares of the mining company’s stock after selling 2,582 shares during the quarter. Moors & Cabot Inc.’s holdings in Cleveland-Cliffs were worth $489,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Norges Bank purchased a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $117,585,000. Dimensional Fund Advisors LP raised its position 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 purchasing an additional 5,621,797 shares during the last quarter. Peconic Partners LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth $42,370,000. Bank of Nova Scotia purchased a new position in Cleveland-Cliffs during the 4th quarter worth $22,937,000. Finally, Bank of New York Mellon Corp grew its position in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the subject of several recent research reports. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday. Bank of America lowered their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. B. Riley reiterated a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Up 4.3 %

Shares of NYSE CLF opened at $12.04 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 has a 50-day moving average price of $13.50 and a 200 day moving average price of $16.63. 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 $5.72 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last issued 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 firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the previous year, the firm posted $0.69 earnings per share. Cleveland-Cliffs’s revenue was down 14.9% on a year-over-year basis. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 EPS for the current fiscal year.

About Cleveland-Cliffs

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.