Allspring Global Investments Holdings LLC Cuts Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Allspring Global Investments Holdings LLC reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 11.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 187,637 shares of the mining company’s stock after selling 24,113 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cleveland-Cliffs were worth $2,396,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Altshuler Shaham Ltd bought a new position in Cleveland-Cliffs during the 2nd quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter worth $31,000. Gradient Investments LLC increased its position in Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares during the period. Hexagon Capital Partners LLC increased its holdings in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after buying an additional 500 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Cleveland-Cliffs Stock Up 0.4 %

Shares of CLF opened at $13.72 on Wednesday. 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 firm has a market cap of $6.52 billion, a P/E ratio of 18.54 and a beta of 1.98. The stock’s 50 day moving average is $12.67 and its two-hundred day moving average is $14.87. 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.