Zurcher Kantonalbank Zurich Cantonalbank Has $1.16 Million Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 48.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 90,827 shares of the mining company’s stock after selling 86,216 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cleveland-Cliffs were worth $1,160,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CLF. De Lisle Partners LLP increased its stake in shares of Cleveland-Cliffs by 25.4% during the 3rd quarter. De Lisle Partners LLP now owns 74,000 shares of the mining company’s stock worth $945,000 after purchasing an additional 15,000 shares during the last quarter. D.A. Davidson & CO. increased its position in Cleveland-Cliffs by 19.3% during the third quarter. D.A. Davidson & CO. now owns 96,349 shares of the mining company’s stock worth $1,230,000 after buying an additional 15,580 shares during the last quarter. Private Trust Co. NA raised its holdings in Cleveland-Cliffs by 3.8% during the third quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock valued at $518,000 after buying an additional 1,500 shares in the last quarter. Truvestments Capital LLC bought a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. Finally, Pekin Hardy Strauss Inc. acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at about $649,000. Institutional investors own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley cut their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Finally, The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research note on Monday. They issued a “buy” rating and a $16.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.39.

Cleveland-Cliffs Trading Down 3.1 %

Shares of Cleveland-Cliffs stock opened at $12.06 on Friday. The company’s fifty day moving average price is $12.71 and its two-hundred day moving average price is $13.78. The firm has a market capitalization of $5.96 billion, a PE ratio of -12.43 and a beta of 1.92. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.54 earnings per share. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

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.