Dimensional Fund Advisors LP Sells 2,994,777 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Dimensional Fund Advisors sold 2,994,777 shares of Cleveland‑Cliffs in Q3, trimming its stake by 14.8% to 17,218,846 shares (about 3.48% of the company) valued at roughly $210.1 million.
• Company insiders also sold large blocks: CEO Lourenco Goncalves sold 3,000,000 shares for about $37.26 million and COO Clifford T. Smith sold 200,000 shares, leaving insiders with roughly 1.71% ownership.
• Operationally, Cleveland‑Cliffs reported a Q (EPS) beat (‑$0.43 vs. ‑$0.62) but missed revenue estimates and remains unprofitable; the consensus analyst rating is Hold with an average price target of $13.89.

Dimensional Fund Advisors LP trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,218,846 shares of the mining company's stock after selling 2,994,777 shares during the quarter. Dimensional Fund Advisors LP owned 3.48% of Cleveland-Cliffs worth $210,089,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Focus Partners Wealth purchased a new stake in Cleveland-Cliffs in the 1st quarter valued at about $339,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Cleveland-Cliffs during the second quarter worth approximately $197,000. Teacher Retirement System of Texas increased its position in shares of Cleveland-Cliffs by 4.0% during the second quarter. Teacher Retirement System of Texas now owns 75,085 shares of the mining company's stock worth $571,000 after acquiring an additional 2,884 shares during the period. Claro Advisors LLC bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $94,000. Finally, Moors & Cabot Inc. boosted its holdings in shares of Cleveland-Cliffs by 11.5% in the second quarter. Moors & Cabot Inc. now owns 32,158 shares of the mining company's stock valued at $244,000 after purchasing an additional 3,315 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $9.83 on Friday. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of -3.37 and a beta of 1.99. 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 0.50, a current ratio of 1.95 and a debt-to-equity ratio of 1.15. The company's 50 day moving average is $12.62 and its 200 day moving average is $12.32.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, topping analysts' consensus estimates of ($0.62) by $0.19. The company had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.60 billion. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.Cleveland-Cliffs's revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.68) earnings per share. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 3,000,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total value of $37,260,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Clifford T. Smith sold 200,000 shares of the business's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the completion of the transaction, the chief operating officer owned 560,529 shares of the company's stock, valued at $5,863,133.34. This represents a 26.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CLF shares. Wall Street Zen raised Cleveland-Cliffs from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Glj Research decreased their target price on Cleveland-Cliffs from $9.52 to $9.42 and set a "sell" rating for the company in a research report on Tuesday, February 10th. The Goldman Sachs Group reiterated a "buy" rating and issued a $15.00 target price on shares of Cleveland-Cliffs in a report on Monday, February 9th. Citigroup increased their price target on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Monday, February 9th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cleveland-Cliffs in a research note on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $13.89.

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.

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