Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Fmr LLC

FMR LLC trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 98.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,769 shares of the mining company's stock after selling 1,164,454 shares during the quarter. FMR LLC's holdings in Cleveland-Cliffs were worth $278,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CLF. Fifth Third Bancorp boosted its position in Cleveland-Cliffs by 57.1% in the 2nd quarter. Fifth Third Bancorp now owns 9,665 shares of the mining company's stock valued at $149,000 after buying an additional 3,514 shares during the period. New York State Teachers Retirement System grew its stake in Cleveland-Cliffs by 9.7% during the 2nd quarter. New York State Teachers Retirement System now owns 508,257 shares of the mining company's stock worth $7,822,000 after purchasing an additional 44,985 shares in the last quarter. Retirement Systems of Alabama increased its holdings in Cleveland-Cliffs by 28.3% during the 2nd quarter. Retirement Systems of Alabama now owns 1,199,932 shares of the mining company's stock worth $18,467,000 after purchasing an additional 265,028 shares during the period. Clear Creek Financial Management LLC raised its position in Cleveland-Cliffs by 6.9% in the 2nd quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company's stock valued at $238,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Cleveland-Cliffs by 23.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company's stock valued at $86,148,000 after purchasing an additional 1,069,907 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

CLF traded up $0.05 during trading on Friday, hitting $9.38. 48,767,602 shares of the stock were exchanged, compared to its average volume of 10,821,138. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 1-year low of $9.13 and a 1-year high of $22.97. The stock has a fifty day moving average price of $12.22 and a two-hundred day moving average price of $13.29. The firm has a market capitalization of $4.63 billion, a P/E ratio of -9.67 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its 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 net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period in the previous year, the firm earned $0.54 earnings per share. The business's revenue was down 18.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CLF shares. StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday. Morgan Stanley lowered their target price 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. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a "buy" rating and a $16.00 price target on the stock. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $17.22.

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.