40,000 Cleveland-Cliffs Inc. $CLF Shares Sold by Redmond Asset Management LLC

Redmond Asset Management LLC lowered its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 70.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,392 shares of the mining company’s stock after selling 40,000 shares during the period. Redmond Asset Management LLC’s holdings in Cleveland-Cliffs were worth $180,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Oppenheimer & Co. Inc. grew its holdings in shares of Cleveland-Cliffs by 30.5% during the third quarter. Oppenheimer & Co. Inc. now owns 17,104 shares of the mining company’s stock worth $188,000 after purchasing an additional 3,998 shares during the last quarter. Signaturefd LLC raised its holdings in Cleveland-Cliffs by 13.0% in the 3rd quarter. Signaturefd LLC now owns 9,234 shares of the mining company’s stock valued at $102,000 after buying an additional 1,059 shares during the last quarter. Evergreen Capital Management LLC bought a new position in Cleveland-Cliffs in the 3rd quarter valued at approximately $346,000. Fifth Third Wealth Advisors LLC boosted its position in Cleveland-Cliffs by 12.8% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 13,857 shares of the mining company’s stock worth $153,000 after buying an additional 1,567 shares during the period. Finally, Inspire Investing LLC acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth approximately $345,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on CLF shares. B. Riley Financial upped their price target on shares of Cleveland-Cliffs from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, October 22nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $13.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, October 20th. Barclays boosted their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Thursday, October 22nd. Glj Research boosted their price objective on shares of Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a “buy” rating in a research note on Monday, September 21st. Finally, Morgan Stanley increased their price objective on Cleveland-Cliffs from $12.50 to $14.00 and gave the company an “equal weight” rating in a report on Tuesday, October 20th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.82.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $14.26 on Friday. The stock’s 50 day moving average is $12.32 and its 200 day moving average is $11.40. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $15.35. The firm has a market cap of $8.13 billion, a P/E ratio of -16.77, a P/E/G ratio of 5.09 and a beta of 2.09. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.69 billion. During the same period in the prior year, the firm posted ($0.51) EPS. The company’s quarterly revenue was up 18.5% on a year-over-year basis. As a group, research analysts expect that Cleveland-Cliffs Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling

In other news, Director Edilson Camara purchased 7,400 shares of the business’s stock in a transaction on Thursday, October 22nd. The shares were acquired at an average price of $13.49 per share, with a total value of $99,826.00. Following the completion of the transaction, the director owned 64,717 shares of the company’s stock, valued at $873,032.33. The trade was a 12.91% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.95% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.