Nisa Investment Advisors LLC Trims Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Nisa Investment Advisors LLC reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 42.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,400 shares of the mining company’s stock after selling 3,300 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Cleveland-Cliffs were worth $36,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after acquiring an additional 2,556,332 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Cleveland-Cliffs by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock worth $199,724,000 after acquiring an additional 647,282 shares in the last quarter. Slate Path Capital LP grew its stake in Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after acquiring an additional 4,239,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock valued at $79,611,000 after purchasing an additional 264,078 shares in the last quarter. Finally, Fairfax Financial Holdings Ltd. Can purchased a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $55,453,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Glj Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th. Morgan Stanley raised their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research note on Friday, June 20th. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $7.50 target price on shares of Cleveland-Cliffs in a research note on Monday, July 14th. Finally, B. Riley restated a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.78.

Cleveland-Cliffs Stock Up 1.3%

Shares of NYSE CLF opened at $9.51 on Friday. The firm has a market cap of $4.70 billion, a price-to-earnings ratio of -3.90 and a beta of 1.91. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.00. The company’s 50-day simple moving average is $7.70 and its 200-day simple moving average is $8.78. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.71 billion. During the same period last year, the firm earned $0.18 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 11.0% on a year-over-year basis. Equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president directly owned 492,249 shares of the company’s stock, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.71% of the company’s stock.

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.