Cleveland-Cliffs Inc. $CLF Position Lessened by International Assets Investment Management LLC

International Assets Investment Management LLC cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 90.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 25,000 shares of the mining company’s stock after selling 244,886 shares during the quarter. International Assets Investment Management LLC’s holdings in Cleveland-Cliffs were worth $275,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. grew its position in shares of Cleveland-Cliffs by 95.4% during the 1st quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock valued at $2,560,000 after acquiring an additional 147,899 shares during the period. Quantinno Capital Management LP increased its stake in shares of Cleveland-Cliffs by 68.0% in the 1st quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock valued at $1,796,000 after purchasing an additional 86,036 shares in the last quarter. SFE Investment Counsel acquired a new position in Cleveland-Cliffs in the 2nd quarter worth about $8,562,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Cleveland-Cliffs during the second quarter worth approximately $505,000. Finally, California State Teachers Retirement System grew its holdings in Cleveland-Cliffs by 23.0% in the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after purchasing an additional 123,660 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

CLF stock traded up $0.21 during trading on Friday, hitting $11.48. The stock had a trading volume of 16,771,912 shares, compared to its average volume of 25,280,778. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $15.35. The company’s 50-day moving average price is $12.52 and its two-hundred day moving average price is $11.38. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.64. The stock has a market capitalization of $6.55 billion, a P/E ratio of -13.50, a PEG ratio of 5.92 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, October 19th. The mining company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.69 billion. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The business’s revenue was up 18.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.51) earnings per share. As a group, research analysts predict that Cleveland-Cliffs Inc. will post 0.10 EPS for the current fiscal year.

Analysts Set New Price Targets

CLF has been the subject of a number of recent analyst reports. Morgan Stanley boosted their price objective on Cleveland-Cliffs from $12.50 to $14.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 20th. Wall Street Zen raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Monday, October 19th. Citigroup boosted their price target on shares of Cleveland-Cliffs from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Friday, October 30th. Finally, Barclays upped their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Thursday, October 22nd. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.18.

Insider Activity at Cleveland-Cliffs

In other news, Director Edilson Camara purchased 7,400 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The stock was purchased at an average cost of $13.49 per share, for a total transaction of $99,826.00. Following the completion of the transaction, the director owned 64,717 shares of the company’s stock, valued at $873,032.33. This trade represents a 12.91% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.