State Street Corp Sells 2,123,455 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

State Street Corp cut its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 9.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,920,732 shares of the mining company's stock after selling 2,123,455 shares during the quarter. State Street Corp owned about 4.24% of Cleveland-Cliffs worth $267,158,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs during the 2nd quarter valued at about $26,000. Strengthening Families & Communities LLC increased its holdings in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after purchasing an additional 1,490 shares during the period. Hobbs Group Advisors LLC purchased a new stake in shares of Cleveland-Cliffs in the second quarter worth $31,000. Gradient Investments LLC boosted its stake in Cleveland-Cliffs by 138.8% during the second 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 period. Finally, Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $34,000. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Down 3.7 %

NYSE:CLF traded down $0.45 during trading hours on Wednesday, hitting $11.77. The company had a trading volume of 12,175,589 shares, compared to its average volume of 10,404,337. 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 has a 50-day moving average price of $12.67 and a 200 day moving average price of $13.63. The company has a market capitalization of $5.81 billion, a PE ratio of -12.60 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the previous year, the company earned $0.54 earnings per share. Cleveland-Cliffs's quarterly revenue was down 18.5% on a year-over-year basis. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CLF shares. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a report on Wednesday, September 18th. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a "buy" rating and a $16.00 price objective on the stock. 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 reduced their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average 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.