Assenagon Asset Management S.A. Sells 2,973,093 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Assenagon Asset Management cut its Cleveland-Cliffs stake by 49.4%, selling 2.97 million shares in the third quarter and retaining 3.05 million shares worth approximately $33.6 million. Institutional investors collectively own 67.68% of the company.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, and narrowed its loss to $0.20 per share, slightly beating analyst estimates. Shares were trading near $12.11, with a market capitalization of roughly $6.91 billion.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $12.35. Tariff uncertainty and potential Canadian labor or asset-sale intervention remain key risks, although domestic steel producers could benefit from greater import protection.

Assenagon Asset Management S.A. lowered its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 49.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,048,736 shares of the mining company's stock after selling 2,973,093 shares during the quarter. Assenagon Asset Management S.A. owned 0.53% of Cleveland-Cliffs worth $33,567,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CLF. Fortitude Family Office LLC grew its stake in shares of Cleveland-Cliffs by 245.2% in the 3rd quarter. Fortitude Family Office LLC now owns 2,831 shares of the mining company's stock worth $31,000 after purchasing an additional 2,011 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth approximately $30,000. Center for Financial Planning Inc. lifted its stake in Cleveland-Cliffs by 119.0% during the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock valued at $28,000 after purchasing an additional 1,805 shares during the last quarter. IFP Advisors Inc lifted its stake in Cleveland-Cliffs by 39.5% during the second quarter. IFP Advisors Inc now owns 5,127 shares of the mining company's stock valued at $48,000 after purchasing an additional 1,453 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in Cleveland-Cliffs during the second quarter valued at approximately $72,000. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs News Roundup

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Broader metals-sector rally provided support. Cleveland-Cliffs rose alongside Alcoa and other metals stocks after Alcoa reported a third-quarter earnings beat and announced a data-center site sale. The move suggests investors are rotating toward industrial and materials companies, though the news was not specific to CLF. Alcoa Gains 8%, United States Antimony Jumps 10% After Alcoa’s Q3 Beat and Data Center Site Sale; Cleveland-Cliffs Rises 2%
• Positive Sentiment: Tariff protection could benefit domestic steel producers. Coverage of expanded U.S. tariff measures has renewed interest in Cleveland-Cliffs because its domestic steel production could benefit from reduced import competition. However, the company’s Canadian exposure makes the ultimate impact less clear. What Does Expanded Tariff Coverage Mean For Cleveland-Cliffs?
• Neutral Sentiment: Investor attention has increased. CLF is appearing on widely followed “trending stock” lists, which may increase trading activity but does not represent a fundamental change in earnings, demand, or valuation. Cleveland-Cliffs Inc. Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: Canadian labor and asset-sale risk is the most significant overhang. Canadian officials are considering steps to block or limit layoffs at Stelco and have warned that Cleveland-Cliffs could potentially be forced to sell Canadian assets if layoffs proceed. Such intervention could raise costs, disrupt restructuring plans, or reduce strategic flexibility. Cleveland-Cliffs Could Be Forced to Sell Canadian Assets if Layoffs Proceed
• Negative Sentiment: Tariff uncertainty pressured the steel group. Investors remain concerned that changing trade policy could hurt cross-border operations and demand visibility, with CLF viewed as particularly exposed because of its Canadian footprint. Cleveland-Cliffs Drops as Tariff Doubt Returns
• Negative Sentiment: JPMorgan lowered its price target to $12.00, signaling limited upside near current trading levels and reflecting caution about the company’s outlook. JPMorgan Cuts Target for Cleveland-Cliffs Stock to $12.00

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $12.11 on Friday. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The company has a 50-day moving average of $12.01 and a two-hundred day moving average of $11.22. The stock has a market cap of $6.91 billion, a price-to-earnings ratio of -7.47, a PEG ratio of 5.73 and a beta of 2.09. 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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the previous year, the business earned ($0.50) earnings per share. The firm's revenue was up 5.9% compared to the same quarter last year. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post 0.10 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Bank of America dropped their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating on the stock in a report on Thursday, July 9th. JPMorgan Chase & Co. cut their price objective on Cleveland-Cliffs from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Friday, October 9th. Wells Fargo & Company upgraded Cleveland-Cliffs from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $12.00 to $14.00 in a research report on Tuesday, October 6th. Finally, UBS Group set a $13.00 price objective on Cleveland-Cliffs in a research note on Monday, September 7th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average price target of $12.35.

Cleveland-Cliffs 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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