Nomura Asset Management Co. Ltd. Cuts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Nomura Asset Management Co. Ltd. lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 95.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,996 shares of the mining company’s stock after selling 134,400 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Cleveland-Cliffs were worth $89,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth $26,000. Strengthening Families & Communities LLC lifted its position in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the last quarter. Hobbs Group Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at about $31,000. Gradient Investments LLC grew its position in shares of Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after buying an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $34,000. Institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CLF. 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. Morgan Stanley dropped their target price on 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. Citigroup decreased their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average target price of $17.39.

Cleveland-Cliffs Stock Performance

CLF opened at $10.21 on Monday. The firm has a 50 day moving average of $12.55 and a two-hundred day moving average of $13.50. The firm has a market capitalization of $5.04 billion, a PE ratio of -10.53 and a beta of 1.92. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $10.18 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 earnings per share. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 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.