Cleveland-Cliffs Inc. (NYSE:CLF) Stake Lowered by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC decreased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 9.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,150 shares of the mining company’s stock after selling 1,500 shares during the period. Clear Harbor Asset Management LLC’s holdings in Cleveland-Cliffs were worth $133,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. grew its position in shares of Cleveland-Cliffs by 7.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock worth $201,000 after acquiring an additional 949 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Cleveland-Cliffs by 144.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,608 shares of the mining company’s stock worth $71,000 after purchasing an additional 2,723 shares during the last quarter. Xponance Inc. increased its stake in shares of Cleveland-Cliffs by 7.3% in the second quarter. Xponance Inc. now owns 96,588 shares of the mining company’s stock valued at $1,486,000 after purchasing an additional 6,554 shares during the period. Marshall Wace LLP raised its holdings in shares of Cleveland-Cliffs by 169.5% during the second quarter. Marshall Wace LLP now owns 1,166,968 shares of the mining company’s stock valued at $17,960,000 after buying an additional 733,902 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Cleveland-Cliffs by 58.5% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 95,510 shares of the mining company’s stock worth $1,470,000 after buying an additional 35,256 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $9.72 on Thursday. The stock’s fifty day simple moving average is $10.70 and its 200 day simple moving average is $12.39. The stock has a market capitalization of $4.80 billion, a price-to-earnings ratio of -10.02 and a beta of 1.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data 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). 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 for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. Cleveland-Cliffs’s quarterly revenue was down 18.5% on a year-over-year basis. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CLF has been the subject of a number of analyst reports. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a research report on Tuesday, January 7th. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $16.93.

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.