Kornitzer Capital Management Inc. KS Sells 17,330 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Kornitzer Capital Management Inc. KS trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 13.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 111,075 shares of the mining company’s stock after selling 17,330 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Cleveland-Cliffs were worth $1,044,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CLF. Strengthening Families & Communities LLC lifted its holdings in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs during the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new stake in Cleveland-Cliffs during the 3rd quarter valued at $34,000. Byrne Asset Management LLC raised its holdings in Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after buying an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in Cleveland-Cliffs during the 4th quarter valued at $44,000. 67.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target for the company. Citigroup lowered their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a research report on Tuesday, January 7th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.68.

Cleveland-Cliffs Stock Down 1.1 %

NYSE:CLF opened at $11.89 on Thursday. The firm’s 50-day moving average price is $10.17 and its 200-day moving average price is $11.74. The company has a market capitalization of $5.87 billion, a PE ratio of -12.25 and a beta of 1.96. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 1-year low of $8.99 and a 1-year high of $22.97.

Cleveland-Cliffs Company 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.