Profund Advisors LLC Sells 2,081 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Profund Advisors LLC lowered its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 14.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,327 shares of the mining company’s stock after selling 2,081 shares during the period. Profund Advisors LLC’s holdings in Cleveland-Cliffs were worth $190,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of CLF. Corient Private Wealth LLC purchased a new position in Cleveland-Cliffs during the fourth quarter valued at $697,000. TD Asset Management Inc grew its position in shares of Cleveland-Cliffs by 25.7% during the fourth quarter. TD Asset Management Inc now owns 45,612 shares of the mining company’s stock valued at $931,000 after purchasing an additional 9,312 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in Cleveland-Cliffs by 2.2% in the 4th quarter. Treasurer of the State of North Carolina now owns 228,113 shares of the mining company’s stock worth $4,658,000 after acquiring an additional 4,899 shares during the last quarter. Bank of Nova Scotia purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at $22,937,000. Finally, KBC Group NV lifted its holdings in shares of Cleveland-Cliffs by 202.6% in the 4th quarter. KBC Group NV now owns 507,925 shares of the mining company’s stock valued at $10,371,000 after acquiring an additional 340,060 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CLF shares. Bank of America lowered 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. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Morgan Stanley dropped their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Citigroup cut their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Price Performance

CLF stock opened at $12.76 on Monday. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The stock has a 50-day moving average price of $13.01 and a two-hundred day moving average price of $16.20. 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 company has a market cap of $6.07 billion, a PE ratio of 17.24 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the prior year, the company posted $0.69 EPS. The business’s revenue was down 14.9% compared to the same quarter last year. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.03 EPS for the current year.

Cleveland-Cliffs Company 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.