Cleveland-Cliffs Inc. (NYSE:CLF) Position Lowered by ProShare Advisors LLC

ProShare Advisors LLC decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,423 shares of the mining company’s stock after selling 1,897 shares during the quarter. ProShare Advisors LLC’s holdings in Cleveland-Cliffs were worth $345,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rise Advisors LLC raised its stake in Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares during the period. Hexagon Capital Partners LLC raised its stake 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 worth $39,000 after acquiring an additional 500 shares during the period. EverSource Wealth Advisors LLC raised its stake in Cleveland-Cliffs by 247.8% during the first 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 during the period. LRI Investments LLC acquired a new stake in Cleveland-Cliffs during the first quarter worth about $45,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Cleveland-Cliffs during the second quarter worth about $31,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CLF shares. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Citigroup dropped their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. B. Riley restated a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $12.96 on Thursday. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The firm has a market capitalization of $6.16 billion, a PE ratio of 17.49 and a beta of 1.97. The company’s 50 day simple moving average is $12.90 and its 200 day simple moving average is $16.10.

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