Russell Investments Group Ltd. Reduces Stock Holdings in Cleveland-Cliffs Inc. $CLF

Key Points

• Russell Investments Group Ltd. reduced its stake in Cleveland-Cliffs Inc. by 56.6%, selling 178,778 shares and now owning 137,191 shares valued at approximately $1.13 million.
• During the same period, various institutional investors increased their positions, with notable boosts from HSBC Holdings PLC by 419.7% and Voya Investment Management LLC by 44.6% in the fourth quarter.
• Cleveland-Cliffs reported a non-GAAP EPS of ($0.50) for the quarter, exceeding expectations, with revenue of $4.93 billion, a 7.5% increase compared to the previous year.

Russell Investments Group Ltd. lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 56.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 137,191 shares of the mining company's stock after selling 178,778 shares during the quarter. Russell Investments Group Ltd.'s holdings in Cleveland-Cliffs were worth $1,130,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. HighTower Advisors LLC raised its position in Cleveland-Cliffs by 16.0% in the 1st quarter. HighTower Advisors LLC now owns 79,839 shares of the mining company's stock worth $656,000 after purchasing an additional 11,001 shares during the period. Nuveen LLC purchased a new position in Cleveland-Cliffs in the 1st quarter worth $9,416,000. Invesco Ltd. raised its position in Cleveland-Cliffs by 10.2% in the 1st quarter. Invesco Ltd. now owns 2,561,121 shares of the mining company's stock worth $21,052,000 after purchasing an additional 237,940 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Cleveland-Cliffs by 231.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company's stock worth $12,838,000 after acquiring an additional 1,090,237 shares during the last quarter. Finally, National Bank of Canada FI increased its position in shares of Cleveland-Cliffs by 72.7% in the first quarter. National Bank of Canada FI now owns 19,479 shares of the mining company's stock valued at $160,000 after acquiring an additional 8,200 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CLF shares. JPMorgan Chase & Co. boosted their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Wells Fargo & Company upgraded shares of Cleveland-Cliffs to a "hold" rating in a research note on Thursday, August 14th. The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th. Finally, Citigroup increased their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $10.96.

Cleveland-Cliffs Stock Down 2.7%

Shares of Cleveland-Cliffs stock traded down $0.30 on Tuesday, reaching $10.46. The stock had a trading volume of 7,412,825 shares, compared to its average volume of 24,703,547. The company has a 50 day moving average price of $9.75 and a 200 day moving average price of $8.81. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The stock has a market capitalization of $5.17 billion, a P/E ratio of -3.07 and a beta of 1.93.

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