Allspring Global Investments Holdings LLC Has $443,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 28.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,408 shares of the mining company’s stock after selling 10,534 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cleveland-Cliffs were worth $443,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Lazard Asset Management LLC grew its stake in shares of Cleveland-Cliffs by 218.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after buying an additional 746 shares during the period. Gradient Investments LLC lifted its position in Cleveland-Cliffs by 192.5% in the 2nd quarter. Gradient Investments LLC now owns 1,755 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,155 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in Cleveland-Cliffs in the 1st quarter valued at about $35,000. Stonebridge Capital Advisors LLC bought a new position in Cleveland-Cliffs in the 1st quarter valued at about $64,000. Finally, Headlands Technologies LLC bought a new position in Cleveland-Cliffs in the 1st quarter valued at about $38,000. 60.97% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 0.7 %

Shares of CLF stock opened at $16.55 on Friday. The company has a 50 day moving average of $15.35 and a 200-day moving average of $15.59. The company has a quick ratio of 0.71, a current ratio of 2.11 and a debt-to-equity ratio of 0.42. Cleveland-Cliffs Inc. has a 12-month low of $13.61 and a 12-month high of $22.83. The firm has a market cap of $8.36 billion, a P/E ratio of 24.70 and a beta of 2.17.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Tuesday, October 24th. The mining company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.10. Cleveland-Cliffs had a net margin of 1.55% and a return on equity of 5.16%. The company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.58 billion. During the same quarter last year, the business posted $0.29 EPS. Cleveland-Cliffs’s quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 1.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Cleveland-Cliffs in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Citigroup raised shares of Cleveland-Cliffs from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Monday, September 25th. B. Riley dropped their price target on shares of Cleveland-Cliffs from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, September 27th. Finally, Morgan Stanley lifted their target price on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an “overweight” rating in a research report on Tuesday, October 31st. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $20.81.

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.