Holocene Advisors LP Decreases Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Holocene Advisors LP reduced its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 29.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,573,120 shares of the mining company's stock after selling 646,295 shares during the period. Holocene Advisors LP owned 0.32% of Cleveland-Cliffs worth $20,089,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CLF. Dimensional Fund Advisors LP lifted its holdings in Cleveland-Cliffs by 54.7% in the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company's stock worth $244,794,000 after buying an additional 5,621,797 shares during the period. Pacer Advisors Inc. increased its position in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock valued at $330,665,000 after acquiring an additional 3,110,651 shares in the last quarter. AQR Capital Management LLC grew its position in Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company's stock worth $93,172,000 after purchasing an additional 2,027,757 shares during the period. Rockefeller Capital Management L.P. bought a new stake in Cleveland-Cliffs in the 3rd quarter worth approximately $22,122,000. Finally, International Assets Investment Management LLC grew its position in Cleveland-Cliffs by 1,893.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company's stock worth $156,800,000 after purchasing an additional 1,166,258 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CLF. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. 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. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday. They issued a "buy" rating and a $16.00 price target on the stock. Citigroup reduced their target price 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 reduced their target price 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 research 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $17.39.

Cleveland-Cliffs Stock Up 0.4 %

Shares of CLF traded up $0.05 during mid-day trading on Tuesday, hitting $12.88. The company's stock had a trading volume of 12,644,692 shares, compared to its average volume of 10,343,792. The company's 50-day moving average is $12.71 and its 200-day moving average is $13.84. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The firm has a market capitalization of $6.36 billion, a price-to-earnings ratio of -13.23 and a beta of 1.93. 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 (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $4.72 billion. During the same period in the previous year, the company posted $0.54 EPS. Cleveland-Cliffs's revenue for the quarter was down 18.5% on a year-over-year basis. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal 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.