Pallas Capital Advisors LLC Sells 2,759 Shares of Cleveland-Cliffs Inc. $CLF

Pallas Capital Advisors LLC cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 9.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 25,534 shares of the mining company’s stock after selling 2,759 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Cleveland-Cliffs were worth $194,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CLF. Woodline Partners LP acquired a new position in shares of Cleveland-Cliffs in the 1st quarter valued at approximately $22,696,000. Jump Financial LLC grew its position in shares of Cleveland-Cliffs by 362.5% in the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company’s stock valued at $24,661,000 after purchasing an additional 2,351,372 shares during the period. Allianz Asset Management GmbH grew its position in shares of Cleveland-Cliffs by 168.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company’s stock valued at $29,225,000 after purchasing an additional 2,232,799 shares during the period. Nuveen LLC acquired a new position in shares of Cleveland-Cliffs in the 1st quarter valued at approximately $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Cleveland-Cliffs by 231.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock valued at $12,838,000 after purchasing an additional 1,090,237 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Up 1.6%

CLF opened at $11.80 on Tuesday. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34. The stock’s fifty day simple moving average is $10.60 and its 200 day simple moving average is $8.86. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The stock has a market cap of $5.84 billion, a PE ratio of -3.46 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last posted 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 return on equity of 17.97% and a negative net margin of 9.03%.The business had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the prior year, the business earned $0.11 EPS. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CLF. Wells Fargo & Company upped their price target on Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Monday, September 15th. Glj Research downgraded Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target for the company in a research report on Tuesday, July 22nd. Bank of America upped their price target on Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a “neutral” rating in a research report on Monday, September 15th. Finally, Morgan Stanley upped their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $11.24.

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.