Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC decreased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 34.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 85,568 shares of the mining company’s stock after selling 45,580 shares during the period. Intech Investment Management LLC’s holdings in Cleveland-Cliffs were worth $1,093,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of CLF. Strengthening Families & Communities LLC increased its holdings in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter worth $31,000. Gradient Investments LLC boosted its position in shares of Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after acquiring an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $34,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

CLF opened at $12.15 on Thursday. The stock’s 50-day moving average price is $12.66 and its 200 day moving average price is $13.99. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of -12.62 and a beta of 1.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the previous year, the business 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, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CLF shares. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Morgan Stanley decreased their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Citigroup cut their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Finally, StockNews.com lowered 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 given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs 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.