Tidal Investments LLC Has $456,000 Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Tidal Investments LLC lowered its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 55.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 35,705 shares of the mining company’s stock after selling 43,575 shares during the period. Tidal Investments LLC’s holdings in Cleveland-Cliffs were worth $456,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Strengthening Families & Communities LLC raised its position in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd acquired a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $26,000. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Truvestments Capital LLC acquired a new position in shares of Cleveland-Cliffs in the third quarter worth approximately $34,000. Finally, Blue Trust Inc. boosted its holdings in Cleveland-Cliffs by 231.9% in the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after acquiring an additional 2,539 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Morgan Stanley lowered their price target 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. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup dropped their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $17.22.

Cleveland-Cliffs Trading Down 0.1 %

NYSE CLF opened at $9.37 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52 week low of $9.13 and a 52 week high of $22.97. The business has a 50 day moving average price of $12.15 and a 200-day moving average price of $13.20. The company has a market cap of $4.63 billion, a price-to-earnings ratio of -9.66 and a beta of 1.93.

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