KLP Kapitalforvaltning AS Has $854,000 Holdings in Cleveland-Cliffs Inc. $CLF

KLP Kapitalforvaltning AS cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 65.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 111,087 shares of the mining company’s stock after selling 208,700 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Cleveland-Cliffs were worth $854,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Twelve Points Wealth Management LLC grew its holdings in Cleveland-Cliffs by 51.7% in the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company’s stock worth $1,854,000 after purchasing an additional 76,827 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Cleveland-Cliffs by 231.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock worth $12,838,000 after purchasing an additional 1,090,237 shares during the period. Nuveen LLC acquired a new stake in Cleveland-Cliffs in the first quarter worth $9,416,000. Cambridge Investment Research Advisors Inc. grew its holdings in Cleveland-Cliffs by 35.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 233,356 shares of the mining company’s stock worth $1,918,000 after purchasing an additional 60,714 shares during the period. Finally, Algert Global LLC acquired a new stake in Cleveland-Cliffs in the first quarter worth $442,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 0.2%

CLF opened at $13.94 on Thursday. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The company’s 50-day moving average is $11.49 and its 200 day moving average is $9.27. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.51. The firm has a market capitalization of $6.89 billion, a P/E ratio of -4.09 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period last year, the firm earned $0.11 earnings per share. The firm’s revenue was up 7.5% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CLF shares. Bank of America raised their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a “neutral” rating in a report on Monday, September 15th. Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. Wells Fargo & Company raised their price target on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Monday, September 15th. The Goldman Sachs Group raised their price objective on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a research note on Thursday, October 9th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cleveland-Cliffs in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $11.93.

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.