Cleveland-Cliffs Inc. (NYSE:CLF) Sees Large Increase in Short Interest

Cleveland-Cliffs Inc. (NYSE:CLF) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 48,120,000 shares, a growth of 6.1% from the September 15th total of 45,350,000 shares. Approximately 10.5% of the shares of the stock are sold short. Based on an average daily volume of 11,910,000 shares, the days-to-cover ratio is presently 4.0 days.

Hedge Funds Weigh In On Cleveland-Cliffs

Large investors have recently bought and sold shares of the business. Newbridge Financial Services Group Inc. increased its position in shares of Cleveland-Cliffs by 410.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,550 shares of the mining company’s stock worth $52,000 after purchasing an additional 2,050 shares in the last quarter. CWM LLC increased its position in shares of Cleveland-Cliffs by 48.7% during the first quarter. CWM LLC now owns 22,252 shares of the mining company’s stock worth $506,000 after purchasing an additional 7,285 shares in the last quarter. Rise Advisors LLC increased its position in shares of Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares in the last quarter. Perpetual Ltd acquired a new position in shares of Cleveland-Cliffs during the first quarter worth $773,000. Finally, Polianta Ltd acquired a new position in shares of Cleveland-Cliffs during the first quarter worth $1,171,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 4.7 %

CLF opened at $13.67 on Friday. Cleveland-Cliffs has a 12 month low of $10.21 and a 12 month high of $22.97. The stock has a 50-day moving average of $12.55 and a 200 day moving average of $15.47. The firm has a market cap of $6.50 billion, a P/E ratio of 18.47 and a beta of 1.98. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.69 earnings per share. As a group, research analysts forecast that Cleveland-Cliffs will post -0.23 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CLF shares. Bank of America reduced their target price on 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 report on Tuesday, August 27th. B. Riley reaffirmed a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Morgan Stanley reduced their target price 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. Finally, Citigroup reduced their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.56.

About Cleveland-Cliffs

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.