Cleveland-Cliffs Inc. (NYSE:CLF) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 39,058,148 shares, a decline of 8.3% from the October 13th total of 42,599,044 shares. Currently, 14.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 14,592,090 shares, the short-interest ratio is presently 2.7 days.
In other Cleveland-Cliffs news, Chairman Lourenco Goncalves bought 100,000 shares of the business’s stock in a transaction on Friday, September 15th. The stock was purchased at an average cost of $7.11 per share, for a total transaction of $711,000.00. Following the completion of the purchase, the chairman now directly owns 3,586,970 shares of the company’s stock, valued at $25,503,356.70. The acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nuveen Asset Management LLC increased its holdings in Cleveland-Cliffs by 1.2% in the first quarter. Nuveen Asset Management LLC now owns 13,974 shares of the mining company’s stock valued at $115,000 after purchasing an additional 164 shares during the period. Comerica Bank increased its holdings in Cleveland-Cliffs by 49.5% in the second quarter. Comerica Bank now owns 15,493 shares of the mining company’s stock valued at $116,000 after purchasing an additional 5,129 shares during the period. ARP Americas LLC increased its holdings in Cleveland-Cliffs by 72.5% in the second quarter. ARP Americas LLC now owns 17,600 shares of the mining company’s stock valued at $122,000 after purchasing an additional 7,400 shares during the period. D.A. Davidson & CO. increased its holdings in Cleveland-Cliffs by 486.8% in the second quarter. D.A. Davidson & CO. now owns 18,597 shares of the mining company’s stock valued at $128,000 after purchasing an additional 15,428 shares during the period. Finally, Moors & Cabot Inc. acquired a new stake in Cleveland-Cliffs in the second quarter valued at $128,000. Institutional investors and hedge funds own 61.33% of the company’s stock.
Several equities research analysts have weighed in on CLF shares. BidaskClub cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Axiom Securities restated a “sell” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 25th. ValuEngine cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Zacks Investment Research cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Clarkson Capital restated a “neutral” rating on shares of Cleveland-Cliffs in a research note on Thursday, July 27th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $8.97.
Cleveland-Cliffs (NYSE:CLF) opened at $6.17 on Tuesday. The stock has a market cap of $1,830.00, a price-to-earnings ratio of 6.66 and a beta of 1.58. The company has a debt-to-equity ratio of -2.03, a quick ratio of 1.18 and a current ratio of 1.89. Cleveland-Cliffs has a 1-year low of $5.56 and a 1-year high of $12.37.
Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Friday, October 20th. The mining company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.06. The company had revenue of $698.00 million during the quarter, compared to analyst estimates of $669.25 million. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.11) earnings per share. research analysts predict that Cleveland-Cliffs will post 0.49 EPS for the current fiscal year.
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Cleveland-Cliffs Company Profile
Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.
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