Ontario Teachers Pension Plan Board Sells 43,028 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Ontario Teachers Pension Plan Board lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 67.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,022 shares of the mining company's stock after selling 43,028 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Cleveland-Cliffs were worth $268,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CLF. Strengthening Families & Communities LLC grew 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 purchasing an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd bought a new stake in shares of Cleveland-Cliffs in the second quarter worth $26,000. Hobbs Group Advisors LLC bought a new stake in Cleveland-Cliffs during the second quarter valued at $31,000. Gradient Investments LLC boosted its position in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock valued at $33,000 after acquiring an additional 1,249 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company's stock valued at $43,000 after acquiring an additional 1,343 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 4.9 %

Shares of CLF traded up $0.58 on Friday, reaching $12.46. The company's stock had a trading volume of 12,362,060 shares, compared to its average volume of 15,354,531. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The stock has a market capitalization of $6.15 billion, a PE ratio of -12.85 and a beta of 1.97. The firm has a fifty day moving average of $12.63 and a 200-day moving average of $14.14.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share 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 during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the prior year, the company earned $0.54 EPS. The company's revenue was down 18.5% on a year-over-year basis. Equities analysts predict that Cleveland-Cliffs Inc. will post -0.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CLF shares. StockNews.com cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th. Citigroup dropped their price objective 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. Finally, Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average price target of $17.56.

Cleveland-Cliffs Company 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.