TB Alternative Assets Ltd. Lowers Position in Cleveland-Cliffs Inc. $CLF

TB Alternative Assets Ltd. trimmed its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 91.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,358 shares of the mining company’s stock after selling 306,529 shares during the period. TB Alternative Assets Ltd.’s holdings in Cleveland-Cliffs were worth $334,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CLF. Hunter Associates Investment Management LLC grew its position in Cleveland-Cliffs by 43.5% during the 2nd quarter. Hunter Associates Investment Management LLC now owns 70,898 shares of the mining company’s stock valued at $538,000 after purchasing an additional 21,498 shares during the last quarter. Northern Trust Corp raised its holdings in Cleveland-Cliffs by 1.4% in the first quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock worth $32,999,000 after buying an additional 54,244 shares during the last quarter. Quantbot Technologies LP raised its holdings in Cleveland-Cliffs by 66.5% in the second quarter. Quantbot Technologies LP now owns 794,437 shares of the mining company’s stock worth $6,038,000 after buying an additional 317,352 shares during the last quarter. First Dallas Securities Inc. lifted its stake in shares of Cleveland-Cliffs by 27.2% in the second quarter. First Dallas Securities Inc. now owns 312,040 shares of the mining company’s stock worth $2,372,000 after buying an additional 66,800 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of Cleveland-Cliffs by 123.1% during the first quarter. Voya Investment Management LLC now owns 657,499 shares of the mining company’s stock valued at $5,405,000 after buying an additional 362,730 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $13.85 on Friday. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of -4.07 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. The business’s fifty day moving average price is $12.42 and its 200-day moving average price is $11.11.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping 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 company had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the company posted ($0.33) earnings per share. Cleveland-Cliffs’s revenue was up 3.6% compared to the same quarter last year. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

CLF has been the subject of a number of recent analyst reports. Glj Research restated a “sell” rating and issued a $5.75 price objective on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. The Goldman Sachs Group boosted their price target on Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Bank of America increased their price objective on Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research report on Tuesday, October 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.78.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.