Cleveland-Cliffs Inc. $CLF is Easterly Investment Partners LLC’s 10th Largest Position

Easterly Investment Partners LLC lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,585,056 shares of the mining company’s stock after selling 44,709 shares during the period. Cleveland-Cliffs makes up approximately 1.3% of Easterly Investment Partners LLC’s investment portfolio, making the stock its 10th biggest position. Easterly Investment Partners LLC’s holdings in Cleveland-Cliffs were worth $21,050,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Public Employees Retirement System of Ohio boosted its stake in Cleveland-Cliffs by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock worth $1,855,000 after buying an additional 943 shares during the period. Moors & Cabot Inc. boosted its stake in Cleveland-Cliffs by 3.0% during the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock worth $404,000 after buying an additional 960 shares during the period. Whitcomb & Hess Inc. boosted its stake in Cleveland-Cliffs by 3.8% during the fourth quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock worth $357,000 after buying an additional 973 shares during the period. Cidel Asset Management Inc. boosted its stake in Cleveland-Cliffs by 6.0% during the fourth quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock worth $242,000 after buying an additional 1,037 shares during the period. Finally, IFP Advisors Inc boosted its stake in Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after buying an additional 1,200 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 0.3%

Shares of CLF opened at $13.56 on Monday. The firm has a market capitalization of $7.73 billion, a P/E ratio of -5.79 and a beta of 2.08. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. The firm has a fifty day moving average price of $9.88 and a 200-day moving average price of $11.39.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The firm had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business’s revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.92) earnings per share. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Argus raised shares of Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Wells Fargo & Company dropped their price objective on shares of Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday, March 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Finally, KeyCorp started coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating for the company. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $11.49.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.