Commonwealth Equity Services LLC Reduces Stock Holdings in Cleveland-Cliffs Inc. $CLF

Commonwealth Equity Services LLC cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 27.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 543,917 shares of the mining company’s stock after selling 210,066 shares during the period. Commonwealth Equity Services LLC owned approximately 0.11% of Cleveland-Cliffs worth $6,636,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Maple Rock Capital Partners Inc. acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $63,731,000. Norges Bank acquired a new stake in Cleveland-Cliffs during the second quarter worth $44,120,000. Turiya Advisors Asia Ltd purchased a new stake in Cleveland-Cliffs in the second quarter valued at $39,357,000. State Street Corp lifted its stake in shares of Cleveland-Cliffs by 20.2% in the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Cleveland-Cliffs by 200.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 3.4%

Shares of CLF stock opened at $13.36 on Wednesday. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The company has a 50 day moving average price of $12.40 and a 200 day moving average price of $11.63. The stock has a market capitalization of $6.61 billion, a P/E ratio of -3.93 and a beta of 1.91. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF) last issued 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 company 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 firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.33) EPS. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. UBS Group set a $15.00 price objective on shares of Cleveland-Cliffs in a report on Monday, October 27th. JPMorgan Chase & Co. boosted their price target on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Glj Research increased their price objective on shares of Cleveland-Cliffs from $5.75 to $9.52 and gave the stock a “sell” rating in a research report on Tuesday. Bank of America lifted their target price on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a report on Tuesday, October 21st. Finally, The Goldman Sachs Group upped their price target on Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.80.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.