Fisher Asset Management LLC Has $69.59 Million Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Fisher Asset Management LLC cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 11.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,449,121 shares of the mining company's stock after selling 679,302 shares during the period. Fisher Asset Management LLC owned approximately 1.10% of Cleveland-Cliffs worth $69,585,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CLF. Strengthening Families & Communities LLC boosted its holdings in 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 in the last quarter. Altshuler Shaham Ltd bought a new stake in Cleveland-Cliffs during the second quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new stake in Cleveland-Cliffs during the second quarter valued at about $31,000. Gradient Investments LLC boosted its holdings 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 period. Finally, Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs during the third quarter valued at about $34,000. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Price Performance

Shares of CLF traded down $0.44 during mid-day trading on Tuesday, hitting $12.05. 14,595,423 shares of the company traded hands, compared to its average volume of 10,359,851. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average of $12.66 and a 200 day moving average of $14.02. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of -12.42 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) 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 company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period last year, the company earned $0.54 earnings per share. Cleveland-Cliffs's revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a report on Wednesday, September 18th. Citigroup cut their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a research report on Tuesday, September 10th. 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. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average 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.