KBC Group NV Has $22.90 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

KBC Group NV lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 10.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,793,019 shares of the mining company's stock after selling 212,424 shares during the period. KBC Group NV owned about 0.38% of Cleveland-Cliffs worth $22,897,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs in the second quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new position in Cleveland-Cliffs in the 2nd quarter worth $31,000. Gradient Investments LLC boosted its position in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock valued at $33,000 after buying an additional 1,249 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company's stock valued at $43,000 after acquiring an additional 1,343 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Cleveland-Cliffs during the first quarter worth about $45,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded down $0.42 during midday trading on Friday, reaching $11.04. 15,973,630 shares of the company were exchanged, compared to its average volume of 10,300,786. The company's 50 day moving average price is $12.60 and its two-hundred day moving average price is $14.27. The company has a market cap of $5.45 billion, a P/E ratio of -11.38 and a beta of 1.97. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97. 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 issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (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 firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the business posted $0.54 earnings per share. The firm's revenue for the quarter was down 18.5% compared to the same quarter last year. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of recent analyst reports. 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 research report on Wednesday, September 18th. Citigroup lowered 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. Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 27th. Finally, StockNews.com downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $17.56.

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.