Cleveland-Cliffs Inc. (NYSE:CLF) Position Cut by Swiss National Bank

Swiss National Bank lowered its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 36.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 929,900 shares of the mining company’s stock after selling 538,840 shares during the period. Swiss National Bank’s holdings in Cleveland-Cliffs were worth $11,875,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of CLF. Twelve Points Wealth Management LLC boosted its stake in Cleveland-Cliffs by 58.5% during the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock valued at $1,708,000 after purchasing an additional 49,359 shares during the period. Hodges Capital Management Inc. boosted its position in shares of Cleveland-Cliffs by 5.0% during the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after buying an additional 104,197 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Cleveland-Cliffs by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after buying an additional 984 shares during the period. Natixis bought a new position in Cleveland-Cliffs in the 1st quarter worth approximately $100,000. Finally, GSA Capital Partners LLP increased its position in Cleveland-Cliffs by 295.9% in the 3rd quarter. GSA Capital Partners LLP now owns 205,461 shares of the mining company’s stock valued at $2,624,000 after acquiring an additional 153,560 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CLF. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley reduced their price objective 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. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Citigroup reduced their price target 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. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Up 4.9 %

CLF stock opened at $12.46 on Friday. The firm has a market cap of $6.15 billion, a PE ratio of -12.85 and a beta of 1.97. 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 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a 50 day simple moving average of $12.64 and a 200 day simple moving average of $14.08.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue was down 18.5% on a year-over-year basis. During the same quarter last year, the company posted $0.54 EPS. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.4 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.