Fisher Asset Management LLC Reduces Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Fisher Asset Management LLC cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 11.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,449,121 shares of the mining company’s stock after selling 679,302 shares during the period. Fisher Asset Management LLC owned about 1.10% of Cleveland-Cliffs worth $69,585,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Altshuler Shaham Ltd bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $26,000. EverSource Wealth Advisors LLC grew its position in shares of Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after acquiring an additional 1,343 shares during the period. Strengthening Families & Communities LLC increased its stake in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares in the last quarter. LRI Investments LLC purchased a new position in Cleveland-Cliffs during the first quarter valued at $45,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Cleveland-Cliffs in the second quarter worth about $31,000. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Price Performance

CLF opened at $12.49 on Tuesday. The business has a fifty day moving average of $12.66 and a 200 day moving average of $14.02. The stock has a market cap of $6.17 billion, a P/E ratio of -12.87 and a beta of 1.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 EPS. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.4 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CLF. Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup decreased their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $17.56.

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.