Natixis Advisors LLC Sells 19,467 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Natixis Advisors LLC reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 45.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,926 shares of the mining company’s stock after selling 19,467 shares during the period. Natixis Advisors LLC’s holdings in Cleveland-Cliffs were worth $293,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs during the second quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at $31,000. Gradient Investments LLC raised its holdings in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after purchasing an additional 1,343 shares in the last quarter. Finally, LRI Investments LLC bought a new position in Cleveland-Cliffs in the 1st quarter worth $45,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $12.14 on Friday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $6.00 billion, a P/E ratio of -12.52 and a beta of 1.97. The business’s fifty day moving average price is $12.68 and its 200 day moving average price is $13.97. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced 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 firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the company earned $0.54 EPS. The company’s quarterly revenue was down 18.5% compared to the same quarter last year. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley decreased their price target on shares of 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 cut their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $17.56.

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.