Commonwealth Equity Services LLC Sells 72,656 Shares of Cleveland-Cliffs Inc (NYSE:CLF)

Commonwealth Equity Services LLC reduced its holdings in shares of Cleveland-Cliffs Inc (NYSE:CLF) by 16.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 363,862 shares of the mining company’s stock after selling 72,656 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Cleveland-Cliffs were worth $2,336,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc grew its stake in shares of Cleveland-Cliffs by 31.7% during the 3rd quarter. Versant Capital Management Inc now owns 5,574 shares of the mining company’s stock worth $35,000 after acquiring an additional 1,342 shares in the last quarter. Fruth Investment Management grew its stake in shares of Cleveland-Cliffs by 12.3% during the 3rd quarter. Fruth Investment Management now owns 13,740 shares of the mining company’s stock worth $88,000 after acquiring an additional 1,500 shares in the last quarter. First Citizens Bank & Trust Co. grew its stake in shares of Cleveland-Cliffs by 5.7% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 34,293 shares of the mining company’s stock worth $220,000 after acquiring an additional 1,857 shares in the last quarter. Cigna Investments Inc. New grew its stake in shares of Cleveland-Cliffs by 18.6% during the 2nd quarter. Cigna Investments Inc. New now owns 12,106 shares of the mining company’s stock worth $67,000 after acquiring an additional 1,900 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of Cleveland-Cliffs by 11.4% during the 3rd quarter. International Assets Investment Management LLC now owns 19,560 shares of the mining company’s stock worth $126,000 after acquiring an additional 2,000 shares in the last quarter. 61.90% of the stock is owned by institutional investors.

Shares of Cleveland-Cliffs stock opened at $9.23 on Friday. The business has a fifty day simple moving average of $8.03 and a two-hundred day simple moving average of $6.31. Cleveland-Cliffs Inc has a 1 year low of $2.63 and a 1 year high of $9.50. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of -32.96 and a beta of 2.23. The company has a debt-to-equity ratio of 3.84, a current ratio of 2.17 and a quick ratio of 0.69.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Friday, October 23rd. The mining company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.08. Cleveland-Cliffs had a negative return on equity of 2.69% and a negative net margin of 3.38%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter last year, the firm posted $0.33 EPS. The company’s quarterly revenue was up 196.3% on a year-over-year basis. As a group, equities analysts anticipate that Cleveland-Cliffs Inc will post -0.59 earnings per share for the current fiscal year.

CLF has been the subject of several analyst reports. Zacks Investment Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and set a $6.75 target price for the company in a research note on Tuesday, September 22nd. Credit Suisse Group raised their target price on shares of Cleveland-Cliffs from $4.75 to $5.25 and gave the company a “neutral” rating in a research note on Wednesday, September 16th. KeyCorp raised shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $12.00 target price for the company in a research note on Friday. B. Riley raised their target price on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, October 26th. Finally, ValuEngine raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Tuesday, October 6th. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $7.88.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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