Fisher Asset Management LLC Sells 679,302 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Fisher Asset Management LLC lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 11.1% during the third quarter, Holdings Channel reports. The institutional investor owned 5,449,121 shares of the mining company’s stock after selling 679,302 shares during the quarter. Fisher Asset Management LLC’s holdings in Cleveland-Cliffs were worth $69,585,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CLF. Pekin Hardy Strauss Inc. purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at $649,000. Cerity Partners LLC increased its position in Cleveland-Cliffs by 10.9% during the 3rd quarter. Cerity Partners LLC now owns 366,619 shares of the mining company’s stock valued at $4,682,000 after buying an additional 35,995 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Cleveland-Cliffs by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after buying an additional 121,389 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after acquiring an additional 3,110,651 shares during the last quarter. Finally, Landscape Capital Management L.L.C. increased its holdings in shares of Cleveland-Cliffs by 74.6% during the third quarter. Landscape Capital Management L.L.C. now owns 24,088 shares of the mining company’s stock valued at $308,000 after acquiring an additional 10,288 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 0.2 %

Shares of CLF opened at $12.49 on Tuesday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a market cap of $6.17 billion, a P/E ratio of -12.87 and a beta of 1.97. The stock’s 50 day moving average is $12.66 and its two-hundred day moving average is $14.02. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the business earned $0.54 EPS. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. Analysts predict that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on CLF shares. Citigroup dropped their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Morgan Stanley dropped their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $17.56.

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.