Rhumbline Advisers Cuts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Posted by Defense World Staff on Aug 28th, 2023

Cleveland-Cliffs logo Rhumbline Advisers cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,555,858 shares of the mining company’s stock after selling 16,687 shares during the quarter. Rhumbline Advisers owned approximately 0.30% of Cleveland-Cliffs worth $28,519,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. AXS Investments LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $31,000. Tyler Stone Wealth Management raised its stake in Cleveland-Cliffs by 85.3% in the 4th quarter. Tyler Stone Wealth Management now owns 2,173 shares of the mining company’s stock valued at $35,000 after purchasing an additional 1,000 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in Cleveland-Cliffs during the 1st quarter worth $35,000. Lazard Asset Management LLC grew its holdings in shares of Cleveland-Cliffs by 218.1% during the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after buying an additional 746 shares in the last quarter. Finally, MCF Advisors LLC acquired a new position in Cleveland-Cliffs during the first quarter worth about $37,000. 62.92% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Down 0.7 %

NYSE CLF opened at $14.66 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.10 and a quick ratio of 0.72. The stock has a market capitalization of $7.46 billion, a P/E ratio of 33.32 and a beta of 2.20. The firm’s 50-day moving average is $16.22 and its two-hundred day moving average is $16.94. Cleveland-Cliffs Inc. has a 12 month low of $11.82 and a 12 month high of $22.83.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last posted its quarterly earnings data on Monday, July 24th. The mining company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). The company had revenue of $5.98 billion for the quarter, compared to analysts’ expectations of $5.80 billion. Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.31 EPS. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 1.42 earnings per share for the current year.

Analyst Ratings Changes

CLF has been the subject of a number of recent research reports. JPMorgan Chase & Co. started coverage on shares of Cleveland-Cliffs in a report on Tuesday, May 23rd. They issued a “neutral” rating and a $18.00 price objective for the company. B. Riley lowered their price objective on Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Finally, StockNews.com started coverage on Cleveland-Cliffs in a research note on Thursday, August 17th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $20.53.

Get Our Latest Analysis on Cleveland-Cliffs

Cleveland-Cliffs Company Profile

(Free Report)

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.