Sage Rhino Capital LLC Sells 49,665 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Sage Rhino Capital LLC reduced its holdings in Cleveland-Cliffs Inc. by 83.0%, selling 49,665 shares and holding only 10,185 shares worth $77,000 at the end of the last quarter.
• Shares of Cleveland-Cliffs opened at $12.36, showing a 2.4% increase, with a market capitalization of $6.11 billion and a negative PE ratio of -3.62.
• Analysts have varying ratings on Cleveland-Cliffs, with an average target price of $11.24 and a trend showing an increase in target prices from firms like Citigroup and JPMorgan Chase & Co.

Sage Rhino Capital LLC lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 83.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,185 shares of the mining company's stock after selling 49,665 shares during the period. Sage Rhino Capital LLC's holdings in Cleveland-Cliffs were worth $77,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System raised its holdings in shares of Cleveland-Cliffs by 0.9% in the 1st 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. Pinnacle Holdings LLC grew its position in Cleveland-Cliffs by 1.3% in the first quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company's stock valued at $870,000 after acquiring an additional 1,371 shares during the period. State of Alaska Department of Revenue raised its stake in Cleveland-Cliffs by 2.7% during the first 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 in the last quarter. Hunter Associates Investment Management LLC lifted its holdings in shares of Cleveland-Cliffs by 3.1% during the first quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock valued at $406,000 after acquiring an additional 1,500 shares during the period. Finally, Capital Investment Advisory Services LLC boosted its stake in shares of Cleveland-Cliffs by 7.1% in the 1st quarter. Capital Investment Advisory Services LLC now owns 24,125 shares of the mining company's stock valued at $198,000 after purchasing an additional 1,600 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 2.4%

Shares of CLF opened at $12.36 on Monday. The stock's fifty day simple moving average is $10.81 and its 200-day simple moving average is $8.93. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The firm has a market capitalization of $6.11 billion, a PE ratio of -3.62 and a beta of 1.93. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $14.34.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The company 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 revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 EPS. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Citigroup increased their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. lifted their target price on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Wells Fargo & Company boosted their target price on Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Monday, September 15th. Bank of America raised their price target on Cleveland-Cliffs from $9.50 to $12.50 and gave the company a "neutral" rating in a report on Monday, September 15th. Finally, Morgan Stanley boosted their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $11.24.

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.

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