Nomura Asset Management Co. Ltd. Reduces Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Nomura Asset Management Co. Ltd. lessened its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 95.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,996 shares of the mining company's stock after selling 134,400 shares during the quarter. Nomura Asset Management Co. Ltd.'s holdings in Cleveland-Cliffs were worth $89,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Altshuler Shaham Ltd acquired a new stake in Cleveland-Cliffs during the second quarter valued at $26,000. Strengthening Families & Communities LLC grew its position in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after acquiring an additional 1,490 shares during the period. Hobbs Group Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at about $31,000. Gradient Investments LLC increased its stake in shares of 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 purchasing an additional 1,249 shares in the last quarter. Finally, Darwin Wealth Management LLC acquired a new position in Cleveland-Cliffs in the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

CLF traded down $0.26 on Monday, reaching $9.95. 17,895,498 shares of the company's stock were exchanged, compared to its average volume of 10,572,980. Cleveland-Cliffs Inc. has a twelve month low of $9.90 and a twelve month high of $22.97. The stock has a market cap of $4.91 billion, a PE ratio of -10.26 and a beta of 1.92. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock's fifty day moving average price is $12.49 and its 200-day moving average price is $13.45.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its 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 company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the prior year, the firm earned $0.54 earnings per share. The company's revenue for the quarter was down 18.5% on a year-over-year basis. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a report on Wednesday, September 18th. StockNews.com cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. 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. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a "buy" rating and a $16.00 price objective on the stock. Finally, Citigroup cut their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a research note on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average price target of $17.39.

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.