Fisher Asset Management LLC Trims Stock Holdings in Cleveland-Cliffs Inc. $CLF

Fisher Asset Management LLC trimmed its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 23.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 671,772 shares of the mining company’s stock after selling 207,591 shares during the period. Fisher Asset Management LLC owned 0.14% of Cleveland-Cliffs worth $8,921,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio boosted its holdings in Cleveland-Cliffs by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock worth $1,855,000 after acquiring an additional 943 shares in the last quarter. Moors & Cabot Inc. boosted its holdings in Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock worth $404,000 after acquiring an additional 960 shares in the last quarter. Whitcomb & Hess Inc. boosted its holdings in Cleveland-Cliffs by 3.8% in the fourth quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock worth $357,000 after acquiring an additional 973 shares in the last quarter. Cidel Asset Management Inc. boosted its holdings in Cleveland-Cliffs by 6.0% in the fourth quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock worth $242,000 after acquiring an additional 1,037 shares in the last quarter. Finally, IFP Advisors Inc boosted its holdings in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. JPMorgan Chase & Co. dropped their target price on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Barclays assumed coverage on Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 target price on the stock. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a report on Friday, May 1st. Wells Fargo & Company dropped their target price on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, March 19th. Finally, Wall Street Zen raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $11.49.

Cleveland-Cliffs Trading Up 7.0%

Shares of NYSE:CLF opened at $12.82 on Thursday. The company has a market cap of $7.31 billion, a P/E ratio of -5.48 and a beta of 2.00. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.70. The stock’s fifty day moving average price is $9.67 and its 200-day moving average price is $11.35.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The firm had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.92) earnings per share. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.46 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.