KLP Kapitalforvaltning AS Sells 208,700 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Cleveland-Cliffs Inc. by 65.3%, selling 208,700 shares and holding 111,087 shares valued at $854,000 as of the latest SEC filing.
• Cleveland-Cliffs reported a quarterly loss of ($0.50) earnings per share, which exceeded analysts' expectations, and its revenue for the quarter was $4.93 billion.
• Analysts have varied opinions on Cleveland-Cliffs, with several increasing their price targets, including Goldman Sachs raising the price objective to $14.50 and maintaining a "buy" rating.

KLP Kapitalforvaltning AS lessened its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 65.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 111,087 shares of the mining company's stock after selling 208,700 shares during the period. KLP Kapitalforvaltning AS's holdings in Cleveland-Cliffs were worth $854,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CLF. Atwood & Palmer Inc. bought a new position in Cleveland-Cliffs in the 2nd quarter valued at approximately $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Cleveland-Cliffs in the 1st quarter valued at approximately $36,000. Fifth Third Bancorp lifted its stake in Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after purchasing an additional 1,664 shares during the last quarter. AlphaQuest LLC lifted its stake in Cleveland-Cliffs by 408,600.0% in the 1st quarter. AlphaQuest LLC now owns 8,174 shares of the mining company's stock valued at $67,000 after purchasing an additional 8,172 shares during the last quarter. Finally, Byrne Asset Management LLC lifted its stake in Cleveland-Cliffs by 44.2% in the 2nd quarter. Byrne Asset Management LLC now owns 9,159 shares of the mining company's stock valued at $70,000 after purchasing an additional 2,806 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

CLF stock opened at $13.94 on Thursday. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.51. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. The company has a fifty day moving average price of $11.49 and a 200-day moving average price of $9.27. The company has a market capitalization of $6.89 billion, a P/E ratio of -4.09 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same period in the prior year, the company posted $0.11 earnings per share. Cleveland-Cliffs's revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CLF shares. The Goldman Sachs Group increased their price objective on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the company a "buy" rating in a research note on Thursday, October 9th. Wells Fargo & Company increased their price objective on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Monday, September 15th. JPMorgan Chase & Co. increased their price objective on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a "neutral" rating in a research note on Monday. Bank of America raised their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a "neutral" rating in a research note on Monday, September 15th. Finally, Morgan Stanley raised their price target 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. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $11.93.

About Cleveland-Cliffs

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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