Paragon Capital Management Inc. Sells 105,029 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Paragon Capital Management Inc. lessened its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 91.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,219 shares of the mining company’s stock after selling 105,029 shares during the period. Paragon Capital Management Inc.’s holdings in Cleveland-Cliffs were worth $96,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. raised its stake in 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 buying an additional 3,110,651 shares during the last quarter. Barclays PLC lifted its stake in shares of Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the period. Stonegate Investment Group LLC bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $18,999,000. Rockefeller Capital Management L.P. acquired a new stake in Cleveland-Cliffs during the third quarter worth approximately $22,122,000. Finally, International Assets Investment Management LLC increased its holdings in Cleveland-Cliffs by 1,893.6% in the third quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock worth $156,800,000 after purchasing an additional 1,166,258 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the subject of several research reports. Morgan Stanley reduced their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday. Citigroup decreased their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price on the stock. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a report on Tuesday, January 7th. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.68.

Cleveland-Cliffs Stock Up 8.0 %

CLF opened at $10.52 on Wednesday. The firm has a market capitalization of $5.19 billion, a P/E ratio of -10.84 and a beta of 1.96. Cleveland-Cliffs Inc. has a one year low of $8.99 and a one year high of $22.97. The company has a fifty day moving average price of $10.41 and a 200-day moving average price of $12.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share 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 during the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the prior year, the company earned $0.54 earnings per share. Cleveland-Cliffs’s revenue was down 18.5% compared to the same quarter last year. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.69 earnings per share for the current fiscal 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.