Victory Capital Management Inc. Sells 103,742 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Victory Capital Management Inc. decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 4.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,325,996 shares of the mining company's stock after selling 103,742 shares during the quarter. Victory Capital Management Inc. owned about 0.50% of Cleveland-Cliffs worth $29,703,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new position in Cleveland-Cliffs in the second quarter valued at about $31,000. Gradient Investments LLC increased its holdings in shares of Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock worth $33,000 after acquiring an additional 1,249 shares in the last quarter. EverSource Wealth Advisors LLC raised 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 worth $43,000 after purchasing an additional 1,343 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Cleveland-Cliffs during the 1st quarter valued at about $45,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Stock Down 3.7 %

NYSE:CLF traded down $0.42 on Friday, hitting $11.04. 15,973,630 shares of the company's stock were exchanged, compared to its average volume of 14,545,546. The company has a market cap of $5.45 billion, a P/E ratio of -11.38 and a beta of 1.97. The firm has a 50-day moving average price of $12.60 and a 200-day moving average price of $14.27. 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 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 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). The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business's revenue was down 18.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 EPS. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a research report on Tuesday, September 10th. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a research report on Wednesday, September 18th. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target 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.