HBK Investments L P reduced its position in Cleveland-Cliffs Inc (NYSE:CLF) by 29.4% during the fourth quarter, HoldingsChannel reports. The firm owned 1,357,456 shares of the mining company’s stock after selling 564,344 shares during the quarter. HBK Investments L P’s holdings in Cleveland-Cliffs were worth $9,787,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. NEXT Financial Group Inc raised its position in Cleveland-Cliffs by 87.8% in the 4th quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock valued at $100,000 after buying an additional 6,500 shares during the last quarter. Granite Springs Asset Management LLC purchased a new stake in Cleveland-Cliffs in the 4th quarter valued at $105,000. Quantitative Investment Management LLC purchased a new stake in Cleveland-Cliffs in the 4th quarter valued at $115,000. Girard Partners LTD. purchased a new stake in Cleveland-Cliffs in the 4th quarter valued at $142,000. Finally, First Trust Advisors LP purchased a new stake in Cleveland-Cliffs in the 4th quarter valued at $227,000. Institutional investors own 60.71% of the company’s stock.
Shares of Cleveland-Cliffs Inc (NYSE CLF) opened at $7.29 on Wednesday. Cleveland-Cliffs Inc has a 12-month low of $5.56 and a 12-month high of $9.92. The stock has a market capitalization of $2,233.48, a price-to-earnings ratio of 5.93 and a beta of 1.48. The company has a debt-to-equity ratio of -5.19, a quick ratio of 2.80 and a current ratio of 3.42.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Thursday, January 25th. The mining company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.11. Cleveland-Cliffs had a negative return on equity of 35.81% and a net margin of 16.09%. The firm had revenue of $600.90 million during the quarter, compared to analyst estimates of $612.50 million. During the same period last year, the firm posted $0.42 EPS. The business’s revenue was down 20.3% compared to the same quarter last year. sell-side analysts predict that Cleveland-Cliffs Inc will post 1.15 earnings per share for the current year.
CLF has been the subject of a number of analyst reports. B. Riley reissued a “buy” rating and issued a $11.00 price target on shares of Cleveland-Cliffs in a research report on Friday, January 26th. Credit Suisse Group raised Cleveland-Cliffs from an “underperform” rating to an “outperform” rating in a research report on Wednesday, February 7th. Zacks Investment Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.75 price target for the company in a research report on Thursday, January 4th. Vertical Group raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Friday, February 23rd. Finally, ValuEngine lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Three analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $9.79.
In other news, Director Susan Miranda Green sold 11,305 shares of the stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total transaction of $86,144.10. Following the completion of the transaction, the director now owns 60,367 shares in the company, valued at approximately $459,996.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.
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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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