Douglas Lane & Associates LLC Trims Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Douglas Lane & Associates LLC cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 18.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,274,774 shares of the mining company’s stock after selling 520,642 shares during the period. Douglas Lane & Associates LLC’s holdings in Cleveland-Cliffs were worth $21,383,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Altshuler Shaham Ltd purchased a new stake in Cleveland-Cliffs in the second quarter worth about $26,000. Strengthening Families & Communities LLC raised its stake in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in Cleveland-Cliffs during the third quarter worth $34,000. Truvestments Capital LLC bought a new stake in Cleveland-Cliffs during the 3rd quarter valued at $34,000. Finally, Blue Trust Inc. boosted its position in Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after acquiring an additional 2,539 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

NYSE:CLF traded down $0.32 during midday trading on Wednesday, hitting $9.73. The company’s stock had a trading volume of 11,441,104 shares, compared to its average volume of 15,898,946. Cleveland-Cliffs Inc. has a fifty-two week low of $8.99 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a market cap of $4.81 billion, a P/E ratio of -10.03 and a beta of 1.97. The firm’s 50 day moving average is $11.29 and its 200-day moving average is $12.78.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data 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 business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the company earned $0.54 EPS. The firm’s revenue was down 18.5% compared to the same quarter last year. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective for the company in a report on Tuesday. Morgan Stanley dropped their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Citigroup decreased their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $16.93.

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.