Cleveland-Cliffs Inc. $CLF Shares Sold by Creative Planning

Creative Planning reduced its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 14.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,661 shares of the mining company’s stock after selling 20,573 shares during the quarter. Creative Planning’s holdings in Cleveland-Cliffs were worth $955,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Woodline Partners LP acquired a new position in Cleveland-Cliffs in the 1st quarter worth about $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 valued at $24,661,000 after buying an additional 2,351,372 shares in the last quarter. Nuveen LLC acquired a new position in shares of Cleveland-Cliffs during the 1st quarter worth approximately $9,416,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Cleveland-Cliffs by 231.2% during 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 buying an additional 1,090,237 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $8,155,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CLF shares. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Thursday, October 30th. Citigroup reduced their price target on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. KeyCorp decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Glj Research reiterated a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Finally, JPMorgan Chase & Co. raised their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $12.78.

Cleveland-Cliffs Stock Performance

CLF opened at $13.04 on Monday. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.70. The firm has a market capitalization of $6.45 billion, a PE ratio of -3.83 and a beta of 2.07. 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 firm’s 50-day moving average price is $12.35 and its 200 day moving average price is $10.29.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.03. The business had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.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 firm posted ($0.33) EPS. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.