Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Foundations Investment Advisors LLC

Foundations Investment Advisors LLC reduced its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 21.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,004 shares of the mining company’s stock after selling 11,789 shares during the period. Foundations Investment Advisors LLC’s holdings in Cleveland-Cliffs were worth $562,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP grew its stake in Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after acquiring an additional 5,621,797 shares during the period. AQR Capital Management LLC grew its position in shares of Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after purchasing an additional 2,027,757 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Cleveland-Cliffs by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares in the last quarter. Castle Hook Partners LP raised its position in shares of Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after purchasing an additional 410,182 shares during the last quarter. Finally, Drexel Morgan & Co. lifted its stake in Cleveland-Cliffs by 3.3% in the 2nd quarter. Drexel Morgan & Co. now owns 3,083,995 shares of the mining company’s stock valued at $47,463,000 after buying an additional 97,450 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CLF shares. Citigroup reduced their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $13.08 on Friday. 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 $6.22 billion, a P/E ratio of 17.67 and a beta of 1.98. The company has a 50-day moving average price of $12.63 and a 200 day moving average price of $15.09. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97.

About Cleveland-Cliffs

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.