TD Asset Management Inc Sells 2,200 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

TD Asset Management Inc reduced its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,712 shares of the mining company’s stock after selling 2,200 shares during the quarter. TD Asset Management Inc’s holdings in Cleveland-Cliffs were worth $642,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Cleveland-Cliffs in the 4th quarter valued at about $117,585,000. Bank of New York Mellon Corp raised its stake in Cleveland-Cliffs by 23.6% in the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after buying an additional 1,069,907 shares during the period. Castle Hook Partners LP lifted its position in shares of Cleveland-Cliffs by 13.8% in the first quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after buying an additional 410,182 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Cleveland-Cliffs by 10.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock worth $65,589,000 after acquiring an additional 275,265 shares during the period. Finally, Douglas Lane & Associates LLC increased its holdings in shares of Cleveland-Cliffs by 13.2% during the 2nd quarter. Douglas Lane & Associates LLC now owns 2,507,110 shares of the mining company’s stock worth $38,584,000 after acquiring an additional 292,991 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 4.9 %

Shares of CLF stock opened at $11.91 on Monday. The stock has a 50 day simple moving average of $13.72 and a 200 day simple moving average of $16.80. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The stock has a market cap of $5.57 billion, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. Cleveland-Cliffs’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.69 EPS. On average, research analysts predict that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. B. Riley reaffirmed a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Citigroup lowered their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Bank of America cut their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Jefferies Financial Group initiated coverage on Cleveland-Cliffs in a research note on Monday, May 20th. They set a “buy” rating and a $22.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $17.75.

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.