ARS Investment Partners LLC Sells 1,077,948 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

ARS Investment Partners LLC reduced its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 71.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 431,633 shares of the mining company’s stock after selling 1,077,948 shares during the quarter. ARS Investment Partners LLC’s holdings in Cleveland-Cliffs were worth $4,057,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CLF. Intech Investment Management LLC raised its position in Cleveland-Cliffs by 815.7% during the 2nd quarter. Intech Investment Management LLC now owns 131,148 shares of the mining company’s stock valued at $2,018,000 after purchasing an additional 116,826 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Cleveland-Cliffs by 7.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after acquiring an additional 949 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 144.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,608 shares of the mining company’s stock valued at $71,000 after acquiring an additional 2,723 shares during the period. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at $26,000. Finally, Lombard Odier Asset Management USA Corp purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at $2,339,000. 67.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a report on Tuesday, January 7th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. Finally, Citigroup dropped their target price on 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 given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $16.93.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $10.28 on Tuesday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The business’s 50-day simple moving average is $10.78 and its two-hundred day simple moving average is $12.45. Cleveland-Cliffs Inc. has a fifty-two week low of $8.99 and a fifty-two week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued 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). The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.67 EPS for the current year.

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.