SG Americas Securities LLC Cuts Stake in Cleveland-Cliffs Inc. $CLF

SG Americas Securities LLC trimmed its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 87.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,876 shares of the mining company’s stock after selling 471,859 shares during the quarter. SG Americas Securities LLC’s holdings in Cleveland-Cliffs were worth $816,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp lifted its holdings in Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $63,731,000. BNP Paribas Financial Markets lifted its stake in shares of Cleveland-Cliffs by 200.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after buying an additional 4,222,528 shares in the last quarter. Norges Bank bought a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $44,120,000. Finally, Turiya Advisors Asia Ltd purchased a new position in Cleveland-Cliffs in the 2nd quarter valued at approximately $39,357,000. 67.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CLF shares. Wells Fargo & Company upgraded Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $11.00 to $12.00 in a research note on Friday, November 14th. UBS Group set a $15.00 price target on shares of Cleveland-Cliffs in a report on Monday, October 27th. The Goldman Sachs Group boosted their price objective on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Morgan Stanley raised shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $12.80 to $17.00 in a report on Friday, January 9th. Finally, Citigroup cut their price target on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $13.80.

Cleveland-Cliffs Stock Up 0.3%

Shares of NYSE CLF opened at $14.05 on Wednesday. The firm’s fifty day moving average is $12.78 and its 200 day moving average is $11.83. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.70. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. The company has a market cap of $6.95 billion, a price-to-earnings ratio of -4.13 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.03. The business had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.33) EPS. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.