National Bank of Canada FI trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 13.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,035 shares of the mining company’s stock after selling 1,880 shares during the period. National Bank of Canada FI’s holdings in Cleveland-Cliffs were worth $202,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Gradient Investments LLC lifted its stake in shares of Cleveland-Cliffs by 192.5% in the second quarter. Gradient Investments LLC now owns 1,755 shares of the mining company’s stock worth $29,000 after buying an additional 1,155 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Cleveland-Cliffs in the first quarter worth $35,000. Lazard Asset Management LLC lifted its stake in shares of Cleveland-Cliffs by 218.1% in 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 during the last quarter. MCF Advisors LLC acquired a new stake in shares of Cleveland-Cliffs in the first quarter worth $37,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Cleveland-Cliffs in the first quarter worth $38,000. 60.97% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently commented on CLF shares. B. Riley cut their target price on shares of Cleveland-Cliffs from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, September 27th. Citigroup raised shares of Cleveland-Cliffs from a “neutral” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Monday, September 25th. Finally, StockNews.com assumed coverage on shares of Cleveland-Cliffs in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $20.33.
Cleveland-Cliffs Trading Up 0.3 %
Shares of CLF opened at $14.59 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.72 and a current ratio of 2.10. The firm has a market cap of $7.42 billion, a P/E ratio of 33.16 and a beta of 2.20. Cleveland-Cliffs Inc. has a fifty-two week low of $11.82 and a fifty-two week high of $22.83. The business has a 50-day moving average of $14.96 and a 200 day moving average of $15.67.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its quarterly earnings results on Monday, July 24th. The mining company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). The firm had revenue of $5.98 billion during 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%. Cleveland-Cliffs’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.31 earnings per share. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post 1.27 EPS for the current 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.
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