International Assets Investment Management LLC Sells 1,140,622 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

International Assets Investment Management LLC decreased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 92.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,226 shares of the mining company's stock after selling 1,140,622 shares during the quarter. International Assets Investment Management LLC's holdings in Cleveland-Cliffs were worth $832,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. National Bank of Canada FI grew its position in Cleveland-Cliffs by 16.2% during the 2nd quarter. National Bank of Canada FI now owns 8,428 shares of the mining company's stock valued at $129,000 after purchasing an additional 1,173 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $208,000. Quest Partners LLC increased its position in shares of Cleveland-Cliffs by 49,318.8% during the second quarter. Quest Partners LLC now owns 23,721 shares of the mining company's stock valued at $365,000 after acquiring an additional 23,673 shares in the last quarter. Prudential PLC purchased a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $369,000. Finally, Dorsey & Whitney Trust CO LLC lifted its position in Cleveland-Cliffs by 16.9% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 31,999 shares of the mining company's stock valued at $492,000 after acquiring an additional 4,634 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CLF has been the subject of a number of recent analyst reports. Morgan Stanley decreased their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a research report on Wednesday, September 18th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They set a "buy" rating and a $16.00 price objective on the stock. Citigroup cut their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. StockNews.com cut Cleveland-Cliffs from a "hold" rating to a "sell" rating in a 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 for the company in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $16.93.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF traded up $0.17 during mid-day trading on Friday, reaching $9.92. 14,716,133 shares of the company traded hands, compared to its average volume of 16,420,422. The company's 50 day moving average price is $11.16 and its 200-day moving average price is $12.73. The firm has a market cap of $4.90 billion, a PE ratio of -10.23 and a beta of 1.97. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly 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). The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business's revenue for the quarter was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.54 earnings per share. On average, equities analysts expect 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.