Douglas Lane & Associates LLC Reduces Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Douglas Lane & Associates LLC reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 18.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,274,774 shares of the mining company's stock after selling 520,642 shares during the period. Douglas Lane & Associates LLC owned 0.46% of Cleveland-Cliffs worth $21,383,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. raised its position in shares of Cleveland-Cliffs by 105.6% in the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock valued at $3,429,000 after purchasing an additional 134,939 shares during the period. Twelve Points Wealth Management LLC raised its holdings in Cleveland-Cliffs by 58.5% during the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company's stock valued at $1,708,000 after acquiring an additional 49,359 shares during the period. Janus Henderson Group PLC lifted its position in shares of Cleveland-Cliffs by 987.0% during the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock worth $2,644,000 after acquiring an additional 187,957 shares in the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of Cleveland-Cliffs in the third quarter worth $22,122,000. Finally, First Dallas Securities Inc. grew its position in shares of Cleveland-Cliffs by 27.9% in the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company's stock valued at $2,640,000 after purchasing an additional 45,150 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

Shares of CLF traded down $0.32 during midday trading on Wednesday, reaching $9.73. The stock had a trading volume of 15,703,499 shares, compared to its average volume of 16,863,074. The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of -10.03 and a beta of 1.97. 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 12-month low of $8.99 and a 12-month high of $22.97. The company's 50-day moving average is $11.23 and its 200 day moving average is $12.75.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued 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). The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm's revenue was down 18.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.54 earnings per share. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CLF. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a "buy" rating and a $16.00 target price for the company. Morgan Stanley reduced their price objective 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, September 18th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Finally, Glj Research upgraded Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price objective on the stock in a research report on Tuesday. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $16.93.

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.