Cleveland-Cliffs Inc. $CLF Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC reduced its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 67.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 896,496 shares of the mining company’s stock after selling 1,837,695 shares during the period. Fisher Asset Management LLC’s holdings in Cleveland-Cliffs were worth $6,813,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Atwood & Palmer Inc. acquired a new position in Cleveland-Cliffs during the 2nd quarter worth about $27,000. Trust Co. of Toledo NA OH purchased a new stake in Cleveland-Cliffs during the second quarter worth about $27,000. Winch Advisory Services LLC increased its stake in Cleveland-Cliffs by 131.3% during the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock worth $31,000 after purchasing an additional 2,310 shares during the period. Islay Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth about $38,000. Finally, MTM Investment Management LLC purchased a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $40,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $12.76 on Friday. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of -3.75 and a beta of 1.97. The firm’s fifty day simple moving average is $12.44 and its 200-day simple moving average is $10.40. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.70. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the company posted ($0.33) earnings per share. Cleveland-Cliffs’s revenue for the quarter was up 3.6% compared to the same quarter last year. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. UBS Group set a $15.00 price objective on Cleveland-Cliffs in a research report on Monday, October 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. Glj Research reissued a “sell” rating and set a $5.75 target price on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Finally, Wells Fargo & Company upgraded Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $11.00 to $12.00 in a report on Friday, November 14th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus price target of $12.78.

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.