Cerity Partners LLC Cuts Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Cerity Partners LLC lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 46.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 196,250 shares of the mining company’s stock after selling 170,369 shares during the quarter. Cerity Partners LLC’s holdings in Cleveland-Cliffs were worth $1,845,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cleveland-Cliffs by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock valued at $79,611,000 after buying an additional 264,078 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Cleveland-Cliffs by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after buying an additional 1,236,247 shares during the last quarter. Norges Bank bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $45,381,000. Finally, Drexel Morgan & Co. lifted its position in Cleveland-Cliffs by 34.4% during the fourth quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company’s stock valued at $40,424,000 after acquiring an additional 1,100,000 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Up 0.1 %

Cleveland-Cliffs stock opened at $7.17 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company has a market capitalization of $3.55 billion, a P/E ratio of -7.39 and a beta of 1.93. Cleveland-Cliffs Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $21.79. The stock has a 50-day simple moving average of $9.46 and a 200-day simple moving average of $10.76.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was acquired at an average price of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This represents a 3.10 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jane M. Cronin bought 10,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now owns 24,522 shares of the company’s stock, valued at $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 23,500 shares of company stock worth $243,095. 1.76% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on CLF. The Goldman Sachs Group decreased their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Glj Research decreased their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Moderate Buy” and a consensus target price of $16.24.

Cleveland-Cliffs Profile

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.