Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Swiss National Bank

Swiss National Bank reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 36.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 929,900 shares of the mining company's stock after selling 538,840 shares during the period. Swiss National Bank owned approximately 0.20% of Cleveland-Cliffs worth $11,875,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $31,000. Gradient Investments LLC raised its holdings in shares of Cleveland-Cliffs by 138.8% during the 2nd 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. EverSource Wealth Advisors LLC increased its holdings in Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company's stock worth $43,000 after purchasing an additional 1,343 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $45,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Citigroup dropped their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a report on Tuesday, September 10th. 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 downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 27th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

NYSE:CLF traded up $0.58 during midday trading on Friday, reaching $12.46. 12,362,060 shares of the company traded hands, compared to its average volume of 15,354,531. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of -12.85 and a beta of 1.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a fifty day moving average price of $12.64 and a 200 day moving average price of $14.08.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data 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 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 analyst estimates of $4.72 billion. During the same quarter in the prior year, the firm earned $0.54 EPS. The company's revenue for the quarter was down 18.5% compared to the same quarter last year. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.4 EPS for the current fiscal year.

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.