Short Interest in Cleveland-Cliffs Inc. (NYSE:CLF) Declines By 8.2%

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 42,180,000 shares, a drop of 8.2% from the January 15th total of 45,940,000 shares. Based on an average daily volume of 15,720,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 8.7% of the shares of the company are sold short.

Hedge Funds Weigh In On Cleveland-Cliffs

Several hedge funds have recently made changes to their positions in the business. Strengthening Families & Communities LLC boosted its position in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after purchasing an additional 1,490 shares in the last quarter. Pinpoint Asset Management Ltd purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth $25,000. Darwin Wealth Management LLC purchased a new stake in Cleveland-Cliffs during the third quarter valued at $34,000. Truvestments Capital LLC purchased a new stake in Cleveland-Cliffs during the third quarter valued at $34,000. Finally, Estabrook Capital Management increased its position in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Down 5.3 %

Cleveland-Cliffs stock traded down $0.64 during trading hours on Friday, reaching $11.35. The company had a trading volume of 13,075,461 shares, compared to its average volume of 16,052,027. 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 company has a 50-day moving average price of $10.19 and a 200 day moving average price of $11.74. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of -11.70 and a beta of 1.96. Cleveland-Cliffs has a 12-month low of $8.99 and a 12-month high of $22.97.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a "buy" rating and a $16.00 price target for the company. Glj Research raised Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 target price for the company in a research note on Tuesday, January 7th. StockNews.com downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Finally, Morgan Stanley lowered their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Hold" and an average price target of $16.68.

About Cleveland-Cliffs

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.