Prudential Financial Inc. Sells 38,668 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Prudential Financial Inc. trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 44.6% in the second quarter, Holdings Channel.com reports. The fund owned 48,088 shares of the mining company’s stock after selling 38,668 shares during the quarter. Prudential Financial Inc.’s holdings in Cleveland-Cliffs were worth $1,037,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of CLF. Neuberger Berman Group LLC increased its position in shares of Cleveland-Cliffs by 56.9% during the second quarter. Neuberger Berman Group LLC now owns 3,686,297 shares of the mining company’s stock worth $78,761,000 after buying an additional 1,336,318 shares during the period. Kovack Advisors Inc. bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $223,000. Morgan Stanley boosted its position in shares of Cleveland-Cliffs by 41.6% during the 2nd quarter. Morgan Stanley now owns 5,830,455 shares of the mining company’s stock valued at $125,705,000 after purchasing an additional 1,712,464 shares in the last quarter. Stifel Financial Corp boosted its position in shares of Cleveland-Cliffs by 88.5% during the 2nd quarter. Stifel Financial Corp now owns 350,349 shares of the mining company’s stock valued at $7,553,000 after purchasing an additional 164,448 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Cleveland-Cliffs by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,470,862 shares of the mining company’s stock valued at $31,712,000 after acquiring an additional 66,105 shares during the period. Institutional investors own 69.94% of the company’s stock.

A number of research analysts recently issued reports on CLF shares. Wolfe Research started coverage on shares of Cleveland-Cliffs in a research report on Tuesday, November 16th. They set an “outperform” rating and a $30.00 target price on the stock. The Goldman Sachs Group raised Cleveland-Cliffs from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $26.00 to $24.00 in a research note on Wednesday, October 6th. Morgan Stanley began coverage on shares of Cleveland-Cliffs in a research note on Wednesday, August 11th. They set an “equal weight” rating and a $26.00 price target for the company. Finally, B. Riley raised their price objective on Cleveland-Cliffs from $36.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, October 25th.
Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $26.96.

In other news, EVP Keith Koci acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, November 19th. The stock was bought at an average price of $21.83 per share, with a total value of $218,300.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.34% of the stock is currently owned by insiders.

NYSE:CLF opened at $22.77 on Thursday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.81 and a current ratio of 2.18. Cleveland-Cliffs Inc. has a 52-week low of $10.52 and a 52-week high of $26.51. The firm has a market cap of $11.39 billion, a price-to-earnings ratio of 5.88 and a beta of 2.27. The business’s fifty day moving average is $21.85 and its 200 day moving average is $22.04.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, October 21st. The mining company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.10. The company had revenue of $6 billion for the quarter, compared to analyst estimates of $5.63 billion. Cleveland-Cliffs had a return on equity of 75.62% and a net margin of 12.44%. The firm’s revenue for the quarter was up 264.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 EPS. Equities analysts predict that Cleveland-Cliffs Inc. will post 6.5 EPS for the current fiscal 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.

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

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