The Manufacturers Life Insurance Company Has $5 Million Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

The Manufacturers Life Insurance Company lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.2% in the third quarter, Holdings Channel reports. The institutional investor owned 391,204 shares of the mining company’s stock after selling 21,361 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cleveland-Cliffs were worth $4,996,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of Cleveland-Cliffs by 54.7% during the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the period. Pacer Advisors Inc. boosted its stake in Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after buying an additional 3,110,651 shares in the last quarter. AQR Capital Management LLC increased its holdings in Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after buying an additional 2,027,757 shares during the period. International Assets Investment Management LLC raised its stake in shares of Cleveland-Cliffs by 1,893.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock valued at $156,800,000 after buying an additional 1,166,258 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Cleveland-Cliffs by 23.6% in the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $11.84 on Friday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of -12.20 and a beta of 1.92. The firm’s 50 day moving average is $12.69 and its 200-day moving average is $13.74. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97.

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

Analyst Ratings Changes

Several research firms recently commented on CLF. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Citigroup dropped their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Finally, Morgan Stanley reduced their price target on shares of 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. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.39.

Cleveland-Cliffs 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.