SG Americas Securities LLC Decreases Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

SG Americas Securities LLC lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 48.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 69,901 shares of the mining company’s stock after selling 66,474 shares during the period. SG Americas Securities LLC’s holdings in Cleveland-Cliffs were worth $893,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the second quarter worth about $31,000. Gradient Investments LLC lifted its holdings in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares during the period. Rise Advisors LLC increased its holdings in Cleveland-Cliffs by 2,858.0% in the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after buying an additional 1,429 shares during the period. Finally, Hexagon Capital Partners LLC raised its position in Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CLF. Bank of America dropped their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. B. Riley reissued a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Morgan Stanley lowered their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Finally, Citigroup decreased their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Up 3.4 %

NYSE CLF opened at $13.13 on Friday. The business has a fifty day moving average price of $12.57 and a 200 day moving average price of $15.72. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The company has a market cap of $6.15 billion, a P/E ratio of 187.60 and a beta of 1.98. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 earnings per share. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.23 EPS for the current fiscal 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.