International Assets Investment Management LLC Reduces Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

International Assets Investment Management LLC trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 92.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 87,226 shares of the mining company’s stock after selling 1,140,622 shares during the period. International Assets Investment Management LLC’s holdings in Cleveland-Cliffs were worth $832,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. National Bank of Canada FI increased its stake in Cleveland-Cliffs by 16.2% in the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock valued at $129,000 after purchasing an additional 1,173 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Cleveland-Cliffs in the second quarter valued at $208,000. Quest Partners LLC grew its holdings in shares of Cleveland-Cliffs by 49,318.8% during the second quarter. Quest Partners LLC now owns 23,721 shares of the mining company’s stock worth $365,000 after purchasing an additional 23,673 shares during the last quarter. Prudential PLC acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth about $369,000. Finally, Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Cleveland-Cliffs by 16.9% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 31,999 shares of the mining company’s stock valued at $492,000 after purchasing an additional 4,634 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 3.2 %

Cleveland-Cliffs stock opened at $9.73 on Friday. The stock’s 50 day moving average price is $11.16 and its 200 day moving average price is $12.73. Cleveland-Cliffs Inc. has a 1-year low of $8.99 and a 1-year high of $22.97. The company has a market cap of $4.81 billion, a PE ratio of -10.03 and a beta of 1.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same period last year, the company earned $0.54 earnings per share. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

CLF has been the topic of several research analyst reports. Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a research report on Tuesday. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. Finally, Morgan Stanley lowered their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $16.93.

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.