Pacer Advisors Inc. Raises Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Pacer Advisors Inc. increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 13.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,893,879 shares of the mining company's stock after buying an additional 3,110,651 shares during the quarter. Pacer Advisors Inc. owned 5.24% of Cleveland-Cliffs worth $330,665,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. O Shaughnessy Asset Management LLC increased its position in shares of Cleveland-Cliffs by 143.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 77,716 shares of the mining company's stock valued at $1,767,000 after purchasing an additional 45,748 shares during the last quarter. UniSuper Management Pty Ltd grew its holdings in Cleveland-Cliffs by 97.2% during the first quarter. UniSuper Management Pty Ltd now owns 7,100 shares of the mining company's stock valued at $161,000 after purchasing an additional 3,500 shares during the period. Natixis bought a new stake in shares of Cleveland-Cliffs in the first quarter valued at $100,000. LRI Investments LLC purchased a new stake in Cleveland-Cliffs in the 1st quarter worth about $45,000. Finally, Price T Rowe Associates Inc. MD raised its stake in Cleveland-Cliffs by 10.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company's stock valued at $65,589,000 after acquiring an additional 275,265 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the company. StockNews.com downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. 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 note on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a report on Tuesday, September 10th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $17.56.

Cleveland-Cliffs Trading Up 2.0 %

Shares of CLF traded up $0.23 during mid-day trading on Thursday, reaching $11.89. 7,972,389 shares of the company's stock traded hands, compared to its average volume of 10,325,324. The stock has a market cap of $5.87 billion, a P/E ratio of -12.26 and a beta of 1.97. The stock's 50-day moving average is $12.63 and its two-hundred day moving average is $14.14. 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 current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its 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 company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period last year, the business posted $0.54 EPS. The firm's revenue was down 18.5% compared to the same quarter last year. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current fiscal year.

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.