ProShare Advisors LLC Sells 23,928 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

ProShare Advisors LLC cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 43.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,655 shares of the mining company’s stock after selling 23,928 shares during the period. ProShare Advisors LLC’s holdings in Cleveland-Cliffs were worth $562,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Neuberger Berman Group LLC increased its holdings in shares of Cleveland-Cliffs by 2.1% in the fourth quarter. Neuberger Berman Group LLC now owns 3,956,502 shares of the mining company’s stock valued at $63,828,000 after purchasing an additional 82,563 shares during the last quarter. AustralianSuper Pty Ltd grew its stake in shares of Cleveland-Cliffs by 56.2% in the first quarter. AustralianSuper Pty Ltd now owns 843,163 shares of the mining company’s stock valued at $15,455,000 after acquiring an additional 303,324 shares in the last quarter. Machina Capital S.A.S. acquired a new position in shares of Cleveland-Cliffs in the first quarter valued at about $136,000. Achmea Investment Management B.V. grew its stake in shares of Cleveland-Cliffs by 35.8% in the first quarter. Achmea Investment Management B.V. now owns 36,136 shares of the mining company’s stock valued at $663,000 after acquiring an additional 9,523 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Cleveland-Cliffs by 20.6% during the first quarter. Victory Capital Management Inc. now owns 270,261 shares of the mining company’s stock worth $4,954,000 after buying an additional 46,103 shares in the last quarter. Institutional investors and hedge funds own 60.97% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $14.43 on Friday. The stock has a fifty day moving average of $16.00 and a 200 day moving average of $16.64. The company has a quick ratio of 0.72, a current ratio of 2.10 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $7.34 billion, a price-to-earnings ratio of 32.80 and a beta of 2.23. Cleveland-Cliffs Inc. has a 52 week low of $11.82 and a 52 week high of $22.83.

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

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. B. Riley dropped their target price on shares of Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. StockNews.com assumed coverage on shares of Cleveland-Cliffs in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. assumed coverage on shares of Cleveland-Cliffs in a research report on Tuesday, May 23rd. They set a “neutral” rating and a $18.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $20.53.

About Cleveland-Cliffs

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.