Douglas Lane & Associates LLC Trims Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Douglas Lane & Associates LLC lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 18.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,274,774 shares of the mining company’s stock after selling 520,642 shares during the quarter. Douglas Lane & Associates LLC owned about 0.46% of Cleveland-Cliffs worth $21,383,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. National Bank of Canada FI lifted its holdings in Cleveland-Cliffs by 16.2% during the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock valued at $129,000 after purchasing an additional 1,173 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Cleveland-Cliffs by 21.4% during the 2nd quarter. Victory Capital Management Inc. now owns 2,429,738 shares of the mining company’s stock valued at $37,394,000 after buying an additional 428,239 shares in the last quarter. Acadian Asset Management LLC bought a new position in Cleveland-Cliffs in the 2nd quarter worth $208,000. Quest Partners LLC increased its stake in Cleveland-Cliffs by 49,318.8% in the 2nd quarter. Quest Partners LLC now owns 23,721 shares of the mining company’s stock worth $365,000 after buying an additional 23,673 shares in the last quarter. Finally, Prudential PLC bought a new stake in Cleveland-Cliffs during the second quarter valued at about $369,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CLF. Morgan Stanley cut their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price on the stock in a report on Tuesday. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Finally, Citigroup decreased their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $16.93.

Cleveland-Cliffs Trading Down 3.2 %

NYSE:CLF traded down $0.32 during mid-day trading on Wednesday, hitting $9.73. 11,441,104 shares of the stock traded hands, compared to its average volume of 15,898,946. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of -10.03 and a beta of 1.97. The firm’s 50 day moving average is $11.29 and its two-hundred day moving average is $12.78.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the prior year, the business posted $0.54 earnings per share. Cleveland-Cliffs’s revenue was down 18.5% on a year-over-year basis. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

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.