State Street Corp Decreases Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

State Street Corp reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 9.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,920,732 shares of the mining company’s stock after selling 2,123,455 shares during the period. State Street Corp owned approximately 4.24% of Cleveland-Cliffs worth $267,158,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Dimensional Fund Advisors LP boosted its position in Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after buying an additional 5,621,797 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of Cleveland-Cliffs during the third quarter worth about $22,122,000. Finally, International Assets Investment Management LLC lifted its position in shares of Cleveland-Cliffs by 1,893.6% during the third quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock worth $156,800,000 after purchasing an additional 1,166,258 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CLF. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup reduced their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.39.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $12.22 on Wednesday. The firm’s 50 day moving average is $12.67 and its two-hundred day moving average is $13.63. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97. The firm has a market capitalization of $6.04 billion, a P/E ratio of -12.60 and a beta of 1.93. 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 announced its quarterly earnings results 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 firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the business posted $0.54 EPS. Cleveland-Cliffs’s revenue for the quarter was down 18.5% compared to the same quarter last year. Analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share 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.