Virtu Financial LLC Sells 71,987 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• Virtu Financial LLC has reduced its stake in Cleveland-Cliffs Inc. by 42.6%, now holding 96,869 shares valued at approximately $796,000.
• Several hedge funds increased their positions in Cleveland-Cliffs during the same period, with Invesco Ltd. boosting its stake by 10.2% and Connor Clark & Lunn Investment Management Ltd. increasing its stake by 231.2%.
• Cleveland-Cliffs reported a loss of $0.50 per share in its latest quarterly earnings, which beat analysts' expectations of a loss of $0.68, and generated revenues of $4.93 billion.

Virtu Financial LLC lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 42.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 96,869 shares of the mining company's stock after selling 71,987 shares during the period. Virtu Financial LLC's holdings in Cleveland-Cliffs were worth $796,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CLF. Dimensional Fund Advisors LP grew its holdings in shares of Cleveland-Cliffs by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after buying an additional 647,282 shares during the last quarter. Slate Path Capital LP raised its position in shares of Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Fairfax Financial Holdings Ltd. Can acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $55,453,000. Charles Schwab Investment Management Inc. grew its stake in Cleveland-Cliffs by 10.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company's stock valued at $37,779,000 after acquiring an additional 419,832 shares in the last quarter. Finally, Drexel Morgan & Co. grew its stake in Cleveland-Cliffs by 2.1% during the 1st quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company's stock valued at $36,078,000 after acquiring an additional 88,680 shares in the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Down 1.4%

Shares of NYSE CLF traded down $0.15 during trading on Friday, reaching $10.41. 16,892,330 shares of the stock were exchanged, compared to its average volume of 25,823,236. The business's 50-day moving average price is $9.05 and its 200 day moving average price is $8.84. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $14.34. 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 company has a market capitalization of $5.15 billion, a price-to-earnings ratio of -3.05 and a beta of 1.99.

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

Insider Activity at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president owned 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.71% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research note on Tuesday, July 22nd. The Goldman Sachs Group reduced their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Citigroup raised their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company raised shares of Cleveland-Cliffs to a "hold" rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cleveland-Cliffs has an average rating of "Hold" and an average price target of $10.96.

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.