ARS Investment Partners LLC Sells 43,716 Shares of Cleveland-Cliffs Inc. $CLF

ARS Investment Partners LLC decreased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 10.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 387,917 shares of the mining company’s stock after selling 43,716 shares during the period. ARS Investment Partners LLC owned 0.08% of Cleveland-Cliffs worth $2,948,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Woodline Partners LP acquired a new position in shares of Cleveland-Cliffs during the 1st quarter worth approximately $22,696,000. Jump Financial LLC increased its position in shares of Cleveland-Cliffs by 362.5% in the first quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company’s stock worth $24,661,000 after purchasing an additional 2,351,372 shares during the period. Allianz Asset Management GmbH increased its holdings in 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 buying an additional 2,232,799 shares during the period. Nuveen LLC acquired a new position in shares of Cleveland-Cliffs during the 1st quarter worth $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Cleveland-Cliffs by 231.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock worth $12,838,000 after acquiring an additional 1,090,237 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of recent research reports. Wells Fargo & Company raised Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $11.00 to $12.00 in a report on Friday, November 14th. JPMorgan Chase & Co. boosted their target price on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Glj Research reaffirmed a “sell” rating and issued a $5.75 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. UBS Group set a $15.00 price target on shares of Cleveland-Cliffs in a research report on Monday, October 27th. Finally, Citigroup lowered their price objective on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.78.

Cleveland-Cliffs Trading Up 2.1%

NYSE:CLF opened at $11.20 on Wednesday. The company has a 50-day moving average price of $12.29 and a 200-day moving average price of $10.06. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. The stock has a market cap of $5.54 billion, a price-to-earnings ratio of -3.29 and a beta of 2.07. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.03. The business had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.33) earnings per share. Equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.