Cleveland-Cliffs Inc. $CLF Shares Sold by Mutual Advisors LLC

Key Points

• Mutual Advisors LLC has significantly reduced its holdings in Cleveland-Cliffs Inc. by 53.2%, leaving it with 41,700 shares valued at approximately $317,000.
• Cleveland-Cliffs reported a loss of ($0.45) earnings per share for the last quarter, slightly beating analysts' estimates, but its revenue fell short of expectations at $4.73 billion.
• JPMorgan Chase upgraded the company's price target from $10.00 to $13.00 while maintaining a "neutral" rating, reflecting an optimistic outlook among analysts despite mixed performance indicators.

Mutual Advisors LLC decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 53.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,700 shares of the mining company's stock after selling 47,376 shares during the period. Mutual Advisors LLC's holdings in Cleveland-Cliffs were worth $317,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Louisiana State Employees Retirement System boosted its holdings in Cleveland-Cliffs by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock worth $1,115,000 after buying an additional 1,200 shares in the last quarter. Clear Creek Financial Management LLC lifted its position in shares of Cleveland-Cliffs by 5.1% during the 2nd quarter. Clear Creek Financial Management LLC now owns 26,480 shares of the mining company's stock valued at $201,000 after acquiring an additional 1,280 shares during the last quarter. Pinnacle Holdings LLC boosted its stake in shares of Cleveland-Cliffs by 1.3% during the 1st quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company's stock worth $870,000 after acquiring an additional 1,371 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Cleveland-Cliffs by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company's stock worth $465,000 after acquiring an additional 1,475 shares during the last quarter. Finally, Hunter Associates Investment Management LLC grew its holdings in shares of Cleveland-Cliffs by 3.1% in the 1st quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock worth $406,000 after acquiring an additional 1,500 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Trading Up 21.6%

NYSE:CLF opened at $16.20 on Tuesday. The stock has a market cap of $8.01 billion, a PE ratio of -4.75 and a beta of 1.96. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The stock's 50-day moving average is $11.78 and its two-hundred day moving average is $9.42.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results 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 net margin of 9.03% and a negative return on equity of 17.97%. The business had revenue of $4.73 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same period last year, the company posted ($0.33) earnings per share. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CLF shares. JPMorgan Chase & Co. increased their price target on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a "neutral" rating in a research report on Monday, October 13th. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a research report on Tuesday, July 22nd. Bank of America boosted their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a "neutral" rating in a report on Monday, September 15th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Cleveland-Cliffs in a research note on Wednesday, October 8th. Three equities 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's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $11.93.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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