122,977 Cleveland-Cliffs Inc. $CLF Shares Sold by Douglas Lane & Associates LLC

Key Points

• Douglas Lane & Associates reduced its Cleveland-Cliffs stake by 5.3%, selling 122,977 shares in the third quarter while retaining 2.18 million shares valued at approximately $24.1 million.
• Institutional ownership remains substantial at 67.68%, with several major funds—including BlackRock and Castle Hook Partners—recently initiating or significantly increasing their positions.
• Cleveland-Cliffs shares rose 7.7% to $13.12, while analysts maintain a consensus “Hold” rating and an average price target of $12.45. The company slightly exceeded quarterly EPS expectations, though it continues to report negative margins and return on equity.

Douglas Lane & Associates LLC lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,184,885 shares of the mining company's stock after selling 122,977 shares during the period. Douglas Lane & Associates LLC owned about 0.38% of Cleveland-Cliffs worth $24,056,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CLF. BlackRock Inc. bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $522,766,000. Castle Hook Partners LP grew its position in Cleveland-Cliffs by 572.4% in the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock valued at $240,143,000 after acquiring an additional 15,393,507 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company's stock worth $130,873,000 after purchasing an additional 925,031 shares during the period. Turiya Advisors Asia Ltd purchased a new stake in Cleveland-Cliffs in the fourth quarter worth $96,280,000. Finally, PointState Capital LP bought a new stake in shares of Cleveland-Cliffs during the second quarter worth $61,805,000. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 7.7%

Cleveland-Cliffs stock traded up $0.94 during trading hours on Friday, reaching $13.12. The stock had a trading volume of 12,952,697 shares, compared to its average volume of 18,459,498. The company has a market cap of $7.49 billion, a price-to-earnings ratio of -8.11 and a beta of 2.09. The business's 50 day moving average price is $11.95 and its 200-day moving average price is $11.06. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The business had revenue of $5.23 billion for the quarter, compared to analysts' expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company's revenue was up 5.9% compared to the same quarter last year. During the same period last year, the business earned ($0.50) EPS. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CLF shares. Morgan Stanley restated an "equal weight" rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Barclays boosted their price objective on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an "underweight" rating in a research report on Friday, July 24th. Citigroup restated a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Glj Research raised their target price on shares of Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a "buy" rating in a research report on Monday, September 21st. Finally, Wells Fargo & Company raised shares of Cleveland-Cliffs from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $12.00 to $14.00 in a research note on Tuesday. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $12.45.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.

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