Cleveland-Cliffs Inc (NYSE:CLF) was the target of a significant decline in short interest in January. As of January 31st, there was short interest totalling 32,679,843 shares, a decline of 13.8% from the January 12th total of 37,890,733 shares. Approximately 11.7% of the shares of the stock are sold short. Based on an average daily volume of 19,354,015 shares, the short-interest ratio is currently 1.7 days.
Several large investors have recently made changes to their positions in CLF. Dimensional Fund Advisors LP increased its holdings in shares of Cleveland-Cliffs by 20.1% during the second quarter. Dimensional Fund Advisors LP now owns 6,297,769 shares of the mining company’s stock worth $43,581,000 after buying an additional 1,056,056 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Cleveland-Cliffs by 4.0% during the fourth quarter. BlackRock Inc. now owns 20,192,937 shares of the mining company’s stock worth $145,592,000 after buying an additional 774,210 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Cleveland-Cliffs by 16.8% during the second quarter. Northern Trust Corp now owns 4,977,719 shares of the mining company’s stock worth $34,446,000 after buying an additional 717,021 shares in the last quarter. APG Asset Management N.V. acquired a new position in shares of Cleveland-Cliffs during the fourth quarter worth $4,002,000. Finally, State Street Corp increased its holdings in shares of Cleveland-Cliffs by 6.5% during the second quarter. State Street Corp now owns 10,720,937 shares of the mining company’s stock worth $74,189,000 after buying an additional 653,261 shares in the last quarter. Institutional investors own 56.74% of the company’s stock.
Cleveland-Cliffs (NYSE:CLF) opened at $6.94 on Tuesday. The stock has a market cap of $2,060.00, a price-to-earnings ratio of 5.34 and a beta of 1.58. The company has a debt-to-equity ratio of -5.28, a quick ratio of 2.80 and a current ratio of 3.42. Cleveland-Cliffs has a 1-year low of $5.56 and a 1-year high of $12.37.
CLF has been the subject of several research analyst reports. B. Riley set a $10.00 price objective on shares of Cleveland-Cliffs and gave the company a “buy” rating in a research report on Friday, November 17th. Zacks Investment Research downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Wednesday, November 1st. FBR & Co restated a “buy” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, October 20th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $6.90 to $10.00 in a research report on Monday, October 23rd. Finally, KeyCorp restated a “hold” rating on shares of Cleveland-Cliffs in a research report on Friday, November 24th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $9.63.
COPYRIGHT VIOLATION NOTICE: “Short Interest in Cleveland-Cliffs Inc (CLF) Declines By 13.8%” was originally published by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another website, it was illegally copied and republished in violation of United States & international trademark & copyright legislation. The correct version of this story can be accessed at https://www.americanbankingnews.com/2018/02/13/short-interest-in-cleveland-cliffs-inc-clf-declines-by-13-8.html.
Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.