Cleveland-Cliffs Inc. $CLF Stock Holdings Trimmed by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC reduced its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,184,885 shares of the mining company’s stock after selling 122,977 shares during the period. Douglas Lane & Associates LLC’s holdings in Cleveland-Cliffs were worth $24,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its holdings in Cleveland-Cliffs by 39.5% in the second quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock worth $48,000 after acquiring an additional 1,453 shares in the last quarter. Baird Financial Group Inc. raised its position in shares of Cleveland-Cliffs by 4.2% in the 2nd quarter. Baird Financial Group Inc. now owns 37,026 shares of the mining company’s stock valued at $348,000 after purchasing an additional 1,496 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Cleveland-Cliffs by 24.3% in the 2nd quarter. Versant Capital Management Inc now owns 8,243 shares of the mining company’s stock valued at $77,000 after purchasing an additional 1,614 shares during the last quarter. Center for Financial Planning Inc. boosted its stake in Cleveland-Cliffs by 119.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock worth $28,000 after purchasing an additional 1,805 shares in the last quarter. Finally, Cloverfields Capital Group LP boosted its stake in Cleveland-Cliffs by 3.3% in the 1st quarter. Cloverfields Capital Group LP now owns 62,094 shares of the mining company’s stock worth $525,000 after purchasing an additional 1,979 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CLF. Morgan Stanley restated an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 9th. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Finally, Barclays raised their target price on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, July 24th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $12.45.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded up $0.94 on Friday, hitting $13.12. The company’s stock had a trading volume of 12,952,697 shares, compared to its average volume of 18,459,498. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of -8.11 and a beta of 2.09. Cleveland-Cliffs Inc. has a 1 year low of $7.73 and a 1 year high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The firm has a fifty day moving average price of $11.95 and a 200-day moving average price of $11.06.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The company had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the business posted ($0.50) earnings per share. Cleveland-Cliffs’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.04 earnings per share for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.