Zurcher Kantonalbank Zurich Cantonalbank Sells 86,216 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 48.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 90,827 shares of the mining company's stock after selling 86,216 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Cleveland-Cliffs were worth $1,160,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CLF. Strengthening Families & Communities LLC increased its stake in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after acquiring an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $31,000. Gradient Investments LLC lifted its holdings in shares of Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock valued at $33,000 after buying an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at approximately $34,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on CLF. Citigroup reduced their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a research note on Tuesday, September 10th. Morgan Stanley cut their price objective 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. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research note on Monday. They issued a "buy" rating and a $16.00 price objective for the company. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, StockNews.com cut Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus price target of $17.39.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded down $0.22 during mid-day trading on Friday, reaching $11.84. The company's stock had a trading volume of 10,528,991 shares, compared to its average volume of 10,368,471. The firm's 50-day moving average is $12.69 and its two-hundred day moving average is $13.74. The company has a market cap of $5.85 billion, a P/E ratio of -12.20 and a beta of 1.92. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. 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 (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the prior year, the business earned $0.54 EPS. The firm's revenue for the quarter was down 18.5% on a year-over-year basis. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current 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.