Aquatic Capital Management LLC Lowers Stock Holdings in Cleveland-Cliffs Inc. $CLF

Aquatic Capital Management LLC lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 63.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 423,320 shares of the mining company’s stock after selling 736,409 shares during the period. Aquatic Capital Management LLC owned approximately 0.09% of Cleveland-Cliffs worth $5,165,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Strengthening Families & Communities LLC lifted its stake in shares of Cleveland-Cliffs by 4,315.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,942 shares during the period. Deseret Mutual Benefit Administrators boosted its holdings in shares of Cleveland-Cliffs by 72.6% in the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,164 shares in the last quarter. MTM Investment Management LLC acquired a new position in shares of Cleveland-Cliffs during the second quarter worth about $40,000. N.E.W. Advisory Services LLC acquired a new position in shares of Cleveland-Cliffs during the second quarter worth about $40,000. Finally, Westfuller Advisors LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $68,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Lourenco Goncalves sold 3,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total transaction of $37,260,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Clifford T. Smith sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the sale, the chief operating officer owned 560,529 shares in the company, valued at approximately $5,863,133.34. This trade represents a 26.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.76% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. The Goldman Sachs Group reissued a “buy” rating and set a $15.00 target price on shares of Cleveland-Cliffs in a research note on Monday, February 9th. Glj Research reissued a “sell” rating and issued a $9.42 price target on shares of Cleveland-Cliffs in a report on Monday. KeyCorp downgraded Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $13.89.

Cleveland-Cliffs Price Performance

CLF stock opened at $8.61 on Tuesday. The stock’s 50 day moving average price is $12.10 and its 200 day moving average price is $12.28. The firm has a market cap of $4.91 billion, a P/E ratio of -2.95 and a beta of 1.99. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.60 billion. During the same quarter last year, the business posted ($0.68) earnings per share. Cleveland-Cliffs’s revenue was down .3% compared to the same quarter last year. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

About Cleveland-Cliffs

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.