Cleveland-Cliffs Inc (CLF) Stake Lowered by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP lessened its holdings in Cleveland-Cliffs Inc (NYSE:CLF) by 1.6% during the 2nd quarter, Holdings Channel reports. The firm owned 6,398,727 shares of the mining company’s stock after selling 101,188 shares during the period. Dimensional Fund Advisors LP’s holdings in Cleveland-Cliffs were worth $53,941,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in CLF. Trexquant Investment LP purchased a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at $131,000. Moors & Cabot Inc. raised its holdings in shares of Cleveland-Cliffs by 74.9% in the 1st quarter. Moors & Cabot Inc. now owns 18,795 shares of the mining company’s stock valued at $131,000 after buying an additional 8,050 shares during the period. CIBC World Markets Inc. raised its holdings in shares of Cleveland-Cliffs by 33.5% in the 2nd quarter. CIBC World Markets Inc. now owns 20,160 shares of the mining company’s stock valued at $170,000 after buying an additional 5,060 shares during the period. Advisors Preferred LLC raised its holdings in shares of Cleveland-Cliffs by 425.5% in the 2nd quarter. Advisors Preferred LLC now owns 20,642 shares of the mining company’s stock valued at $174,000 after buying an additional 16,714 shares during the period. Finally, IndexIQ Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 39.6% in the 2nd quarter. IndexIQ Advisors LLC now owns 22,491 shares of the mining company’s stock valued at $190,000 after buying an additional 6,383 shares during the period. 67.56% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE CLF opened at $12.66 on Thursday. The company has a current ratio of 3.26, a quick ratio of 2.72 and a debt-to-equity ratio of -7.50. Cleveland-Cliffs Inc has a 1-year low of $5.60 and a 1-year high of $13.10. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 25.32 and a beta of 1.71.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Friday, July 20th. The mining company reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.20. Cleveland-Cliffs had a negative return on equity of 76.39% and a net margin of 20.07%. The company had revenue of $714.00 million for the quarter, compared to the consensus estimate of $653.75 million. During the same quarter in the prior year, the business earned $0.26 EPS. Cleveland-Cliffs’s revenue was up 51.6% on a year-over-year basis. research analysts expect that Cleveland-Cliffs Inc will post 2.06 earnings per share for the current fiscal year.

CLF has been the topic of several research analyst reports. JPMorgan Chase & Co. upgraded Cleveland-Cliffs from a “neutral” rating to an “overweight” rating in a report on Monday, July 23rd. Zacks Investment Research downgraded Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 18th. Jefferies Financial Group upgraded Cleveland-Cliffs to a “buy” rating and set a $13.00 price objective on the stock in a report on Friday, September 7th. ValuEngine downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, August 23rd. Finally, Morgan Stanley boosted their price objective on Cleveland-Cliffs from $8.00 to $10.00 and gave the company an “equal weight” rating in a report on Friday, July 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. Cleveland-Cliffs presently has a consensus rating of “Buy” and an average price target of $11.27.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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