Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Down 13.7% in October

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) was the target of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 41,510,000 shares, a drop of 13.7% from the September 30th total of 48,120,000 shares. Currently, 9.1% of the company's shares are short sold. Based on an average daily volume of 11,810,000 shares, the short-interest ratio is presently 3.5 days.

Cleveland-Cliffs Stock Up 0.4 %

CLF stock traded up $0.05 during trading on Tuesday, reaching $13.72. 7,377,358 shares of the stock were exchanged, compared to its average volume of 9,814,390. The firm's 50 day moving average is $12.67 and its 200 day moving average is $14.87. The firm has a market cap of $6.52 billion, a P/E ratio of 18.54 and a beta of 1.98. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs has a twelve month low of $10.21 and a twelve month high of $22.97.

Hedge Funds Weigh In On Cleveland-Cliffs

Institutional investors have recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new position in Cleveland-Cliffs during the 2nd quarter valued at about $26,000. Hexagon Capital Partners LLC boosted its position in shares of Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company's stock valued at $39,000 after buying an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position 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 buying an additional 1,343 shares during the last quarter. LRI Investments LLC bought a new stake in Cleveland-Cliffs during the first quarter worth $45,000. Finally, Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs during the 2nd quarter valued at $31,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Citigroup reduced their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a report on Tuesday, September 10th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a research note on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $17.56.

Cleveland-Cliffs Company 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.