Citigroup Inc. Cuts Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Citigroup Inc. decreased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 42.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,009,556 shares of the mining company’s stock after selling 735,017 shares during the period. Citigroup Inc. owned about 0.20% of Cleveland-Cliffs worth $18,505,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CLF. Natixis Advisors L.P. boosted its position in Cleveland-Cliffs by 39.8% in the first quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company’s stock worth $1,417,000 after purchasing an additional 12,531 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Cleveland-Cliffs in the first quarter worth $486,000. Great West Life Assurance Co. Can boosted its position in Cleveland-Cliffs by 12.7% in the first quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company’s stock worth $8,577,000 after purchasing an additional 29,178 shares during the last quarter. Cibc World Market Inc. boosted its position in Cleveland-Cliffs by 1.1% in the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock worth $1,873,000 after purchasing an additional 623 shares during the last quarter. Finally, Blair William & Co. IL boosted its position in Cleveland-Cliffs by 14.5% in the first quarter. Blair William & Co. IL now owns 167,800 shares of the mining company’s stock worth $5,405,000 after purchasing an additional 21,233 shares during the last quarter. Hedge funds and other institutional investors own 62.92% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the topic of a number of recent research reports. StockNews.com initiated coverage on Cleveland-Cliffs in a research report on Thursday, August 17th. They set a “hold” rating on the stock. JPMorgan Chase & Co. initiated coverage on Cleveland-Cliffs in a research report on Tuesday, May 23rd. They set a “neutral” rating and a $18.00 price target on the stock. Finally, B. Riley dropped their price target on Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $20.53.

Cleveland-Cliffs Price Performance

CLF opened at $14.66 on Monday. The stock has a 50-day moving average price of $16.22 and a 200-day moving average price of $16.94. Cleveland-Cliffs Inc. has a 12-month low of $11.82 and a 12-month high of $22.83. The company has a current ratio of 2.10, a quick ratio of 0.72 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $7.46 billion, a P/E ratio of 33.32 and a beta of 2.20.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 24th. The mining company reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. The firm had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the company posted $1.31 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 5.6% compared to the same quarter last year. Equities analysts predict that Cleveland-Cliffs Inc. will post 1.42 earnings per share 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.