Cleveland-Cliffs Inc. $CLF Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 43.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 446,158 shares of the mining company’s stock after selling 348,279 shares during the quarter. Quantbot Technologies LP owned approximately 0.09% of Cleveland-Cliffs worth $5,443,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Strengthening Families & Communities LLC boosted its position in Cleveland-Cliffs by 4,315.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,942 shares during the period. Deseret Mutual Benefit Administrators boosted its holdings in shares of Cleveland-Cliffs by 72.6% during the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,164 shares during the period. Winch Advisory Services LLC grew its position in shares of Cleveland-Cliffs by 131.3% during the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock worth $31,000 after acquiring an additional 2,310 shares during the last quarter. Islay Capital Management LLC bought a new position in shares of Cleveland-Cliffs during the second quarter worth about $38,000. Finally, MTM Investment Management LLC acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth about $40,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Edilson Camara purchased 19,700 shares of Cleveland-Cliffs stock in a transaction on Friday, February 13th. The stock was purchased at an average cost of $10.13 per share, with a total value of $199,561.00. Following the acquisition, the director directly owned 41,983 shares in the company, valued at approximately $425,287.79. This trade represents a 88.41% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total transaction of $37,260,000.00. The disclosure for this sale is available in the SEC filing. Insiders own 1.71% of the company’s stock.

Cleveland-Cliffs Stock Down 3.7%

Cleveland-Cliffs stock opened at $10.65 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.70. The firm’s 50 day moving average price is $12.92 and its two-hundred day moving average price is $12.31. The firm has a market cap of $6.07 billion, a PE ratio of -3.65 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, beating the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same quarter last year, the firm earned ($0.68) earnings per share. The company’s revenue for the quarter was down .3% on a year-over-year basis. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CLF has been the subject of a number of analyst reports. KeyCorp lowered shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. Wall Street Zen raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Citigroup lifted their target price on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. The Goldman Sachs Group reiterated a “buy” rating and set a $15.00 price target on shares of Cleveland-Cliffs in a research report on Monday, February 9th. Finally, Glj Research lowered their price target on Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating on the stock in a report on Tuesday, February 10th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $13.89.

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.