Cleveland-Cliffs Inc. (NYSE:CLF) Stake Lessened by Nuveen Asset Management LLC

Nuveen Asset Management LLC trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 11.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,372,089 shares of the mining company's stock after selling 179,656 shares during the quarter. Nuveen Asset Management LLC owned about 0.28% of Cleveland-Cliffs worth $12,898,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Summit Investment Advisors Inc. raised its position in shares of Cleveland-Cliffs by 1.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock worth $911,000 after purchasing an additional 932 shares during the period. AllSquare Wealth Management LLC raised its position in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after purchasing an additional 1,000 shares during the period. MRP Capital Investments LLC raised its position in shares of Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock worth $103,000 after purchasing an additional 1,000 shares during the period. Jones Financial Companies Lllp raised its position in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after purchasing an additional 1,182 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC raised its position in shares of Cleveland-Cliffs by 11.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company's stock worth $125,000 after purchasing an additional 1,313 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CLF. B. Riley reiterated a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley decreased their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a report on Wednesday. Finally, The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus target price of $12.74.

Insider Activity

In related news, Director John T. Baldwin acquired 4,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James D. Graham sold 120,000 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president now owns 492,249 shares of the company's stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs Price Performance

NYSE CLF traded down $0.07 on Friday, reaching $5.84. 25,606,724 shares of the stock traded hands, compared to its average volume of 16,028,580. The firm's fifty day simple moving average is $7.61 and its 200 day simple moving average is $9.56. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market cap of $2.89 billion, a price-to-earnings ratio of -6.01 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12 month low of $5.64 and a 12 month high of $17.41.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.18 earnings per share. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Cleveland-Cliffs 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.