Janney Montgomery Scott LLC cut its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 32.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 109,021 shares of the mining company's stock after selling 51,336 shares during the quarter. Janney Montgomery Scott LLC's holdings in Cleveland-Cliffs were worth $1,392,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs by 54.7% during the 2nd 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. AQR Capital Management LLC raised its stake in shares of Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company's stock valued at $93,172,000 after acquiring an additional 2,027,757 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Cleveland-Cliffs by 1,893.6% in the third quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company's stock valued at $156,800,000 after purchasing an additional 1,166,258 shares during the period. Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company's stock worth $86,148,000 after purchasing an additional 1,069,907 shares in the last quarter. Finally, WINTON GROUP Ltd increased its holdings in Cleveland-Cliffs by 1,650.8% during the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company's stock worth $13,458,000 after purchasing an additional 824,518 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
CLF has been the subject of several recent analyst reports. StockNews.com lowered Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Citigroup decreased their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a report on Tuesday, September 10th. Morgan Stanley lowered 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 research report on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $17.56.
Check Out Our Latest Research Report on Cleveland-Cliffs
Cleveland-Cliffs Price Performance
Cleveland-Cliffs stock traded down $0.42 during midday trading on Friday, reaching $11.04. 15,960,801 shares of the company were exchanged, compared to its average volume of 10,300,786. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of -11.38 and a beta of 1.97. The firm's 50-day simple moving average is $12.60 and its 200-day simple moving average is $14.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.
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 (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 firm had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.72 billion. During the same period last year, the firm posted $0.54 EPS. Cleveland-Cliffs's revenue was down 18.5% on a year-over-year basis. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.37 EPS for the current year.
Cleveland-Cliffs Company Profile
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Free Report)
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.
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