Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Update

Cleveland-Cliffs Inc. (NYSE:CLF) was the target of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 42,180,000 shares, a drop of 8.2% from the January 15th total of 45,940,000 shares. Approximately 8.7% of the company’s stock are short sold. Based on an average daily trading volume, of 15,720,000 shares, the short-interest ratio is presently 2.7 days.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock worth $12,209,000 after purchasing an additional 242,386 shares during the last quarter. Wexford Capital LP boosted its holdings in Cleveland-Cliffs by 1,212.0% in the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company’s stock worth $9,578,000 after purchasing an additional 941,284 shares during the last quarter. Tidal Investments LLC boosted its holdings in Cleveland-Cliffs by 53.7% in the fourth quarter. Tidal Investments LLC now owns 54,872 shares of the mining company’s stock worth $516,000 after purchasing an additional 19,167 shares during the last quarter. Thomist Capital Management LP boosted its holdings in Cleveland-Cliffs by 191.7% in the fourth quarter. Thomist Capital Management LP now owns 590,300 shares of the mining company’s stock worth $5,522,000 after purchasing an additional 387,922 shares during the last quarter. Finally, Toronto Dominion Bank boosted its stake in shares of Cleveland-Cliffs by 9,170.9% during the 4th quarter. Toronto Dominion Bank now owns 69,995 shares of the mining company’s stock worth $658,000 after acquiring an additional 69,240 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CLF shares. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Citigroup decreased their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a research note on Tuesday, January 7th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average price target of $16.68.

Cleveland-Cliffs Stock Up 0.9 %

Shares of CLF traded up $0.10 on Monday, hitting $11.49. 14,740,169 shares of the stock traded hands, compared to its average volume of 11,458,728. The company has a market capitalization of $5.67 billion, a PE ratio of -11.84 and a beta of 1.96. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The business has a 50 day simple moving average of $10.18 and a 200 day simple moving average of $11.75. Cleveland-Cliffs has a one year low of $8.99 and a one year high of $22.97.

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.