Cleveland-Cliffs Inc. $CLF Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 67.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 896,496 shares of the mining company’s stock after selling 1,837,695 shares during the period. Fisher Asset Management LLC owned 0.18% of Cleveland-Cliffs worth $6,813,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Atwood & Palmer Inc. acquired a new position in shares of Cleveland-Cliffs during the second quarter valued at approximately $27,000. Trust Co. of Toledo NA OH purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth approximately $27,000. Winch Advisory Services LLC raised its stake in Cleveland-Cliffs by 131.3% in the 2nd quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock valued at $31,000 after purchasing an additional 2,310 shares during the last quarter. Islay Capital Management LLC purchased a new position in Cleveland-Cliffs in the 2nd quarter valued at $38,000. Finally, MTM Investment Management LLC acquired a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $40,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CLF shares. Glj Research reaffirmed a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Citigroup lowered their target price on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. UBS Group set a $15.00 price target on Cleveland-Cliffs in a report on Monday, October 27th. KeyCorp reduced their price objective on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Finally, JPMorgan Chase & Co. upped their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Three investment 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. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $12.78.

Cleveland-Cliffs Price Performance

CLF stock opened at $12.76 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.70. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of -3.75 and a beta of 1.97. The business has a fifty day moving average of $12.44 and a two-hundred day moving average of $10.40.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.03. The business had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.33) EPS. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.