Redmond Asset Management LLC Sells 1,640 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Redmond Asset Management LLC cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,630 shares of the mining company’s stock after selling 1,640 shares during the period. Redmond Asset Management LLC’s holdings in Cleveland-Cliffs were worth $532,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Strengthening Families & Communities LLC grew its position 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 acquiring an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Byrne Asset Management LLC increased its position in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter valued at $44,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $11.35 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company has a market capitalization of $5.60 billion, a PE ratio of -11.70 and a beta of 1.96. The company has a 50 day moving average price of $10.22 and a 200-day moving average price of $11.72. Cleveland-Cliffs Inc. has a fifty-two week low of $8.99 and a fifty-two week high of $22.97.

Analysts Set New Price Targets

CLF has been the subject of several recent analyst reports. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Citigroup reduced their price objective on shares of 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 lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price on the stock in a research note on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.68.

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.