Cleveland-Cliffs Inc. $CLF Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 29.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,383 shares of the mining company’s stock after selling 1,833 shares during the quarter. Fifth Third Bancorp’s holdings in Cleveland-Cliffs were worth $33,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CLF. GAMMA Investing LLC boosted its holdings in Cleveland-Cliffs by 1,228.6% in the 1st quarter. GAMMA Investing LLC now owns 70,815 shares of the mining company’s stock valued at $582,000 after purchasing an additional 65,485 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Cleveland-Cliffs by 75.3% in the 1st quarter. Parallel Advisors LLC now owns 11,217 shares of the mining company’s stock valued at $92,000 after acquiring an additional 4,820 shares during the period. Merit Financial Group LLC purchased a new stake in shares of Cleveland-Cliffs in the 1st quarter valued at approximately $144,000. RFG Advisory LLC purchased a new stake in shares of Cleveland-Cliffs in the 1st quarter valued at approximately $110,000. Finally, Matrix Trust Co raised its stake in shares of Cleveland-Cliffs by 53.3% in the 1st quarter. Matrix Trust Co now owns 26,692 shares of the mining company’s stock valued at $219,000 after acquiring an additional 9,280 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Up 0.3%

Shares of NYSE CLF opened at $12.74 on Friday. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The firm has a 50-day moving average price of $10.96 and a 200 day moving average price of $9.03. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of -3.73 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter last year, the business earned $0.11 earnings per share. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Weiss Ratings reissued a “sell (d)” rating on shares of Cleveland-Cliffs in a research report on Saturday, September 27th. KeyCorp raised shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective on the stock in a research report on Tuesday, July 22nd. Wells Fargo & Company upped their target price on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Monday, September 15th. Finally, Bank of America increased their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a “neutral” rating in a research note on Monday, September 15th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $11.24.

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.