Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board reduced its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 67.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,022 shares of the mining company’s stock after selling 43,028 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Cleveland-Cliffs were worth $268,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CLF. Altshuler Shaham Ltd purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth $26,000. EverSource Wealth Advisors LLC grew its stake 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 valued at $43,000 after acquiring an additional 1,343 shares in the last quarter. Strengthening Families & Communities LLC increased its position in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares during the last quarter. LRI Investments LLC acquired a new position in shares of Cleveland-Cliffs in the first quarter worth about $45,000. Finally, Hobbs Group Advisors LLC purchased a new position in Cleveland-Cliffs in the second quarter valued at about $31,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CLF shares. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Finally, Morgan Stanley reduced their price target 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. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Up 5.0 %

CLF opened at $12.48 on Friday. The stock’s 50 day moving average price is $12.63 and its 200 day moving average price is $14.14. 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 market cap of $6.16 billion, a P/E ratio of -12.86 and a beta of 1.97. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly 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). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business 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 posted $0.54 EPS. The company’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current year.

About Cleveland-Cliffs

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.