Rhumbline Advisers Sells 37,812 Shares of Cleveland-Cliffs Inc. $CLF

Rhumbline Advisers reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 2.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,319,701 shares of the mining company’s stock after selling 37,812 shares during the quarter. Rhumbline Advisers’ holdings in Cleveland-Cliffs were worth $10,030,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Clear Creek Financial Management LLC lifted its holdings in Cleveland-Cliffs by 5.1% during the 2nd quarter. Clear Creek Financial Management LLC now owns 26,480 shares of the mining company’s stock valued at $201,000 after buying an additional 1,280 shares in the last quarter. Pinnacle Holdings LLC grew its stake in Cleveland-Cliffs by 1.3% in the 1st quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company’s stock worth $870,000 after acquiring an additional 1,371 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Cleveland-Cliffs by 0.5% during the second quarter. PNC Financial Services Group Inc. now owns 297,128 shares of the mining company’s stock worth $2,258,000 after acquiring an additional 1,399 shares during the period. Pinnacle Wealth Planning Services Inc. raised its stake in shares of Cleveland-Cliffs by 3.5% during the second quarter. Pinnacle Wealth Planning Services Inc. now owns 45,320 shares of the mining company’s stock valued at $344,000 after acquiring an additional 1,552 shares in the last quarter. Finally, Harbour Investments Inc. raised its stake in shares of Cleveland-Cliffs by 7.5% during the first quarter. Harbour Investments Inc. now owns 29,325 shares of the mining company’s stock valued at $241,000 after acquiring an additional 2,050 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on CLF shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. KeyCorp lowered their target price on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, November 10th. UBS Group set a $15.00 price target on Cleveland-Cliffs in a research report on Monday, October 27th. Bank of America raised their price target on Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research note on Tuesday, October 21st. Finally, The Goldman Sachs Group upped their price objective on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.78.

Cleveland-Cliffs Trading Down 1.4%

Shares of NYSE:CLF opened at $12.86 on Tuesday. The company has a market capitalization of $6.36 billion, a PE ratio of -3.78 and a beta of 2.07. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.41. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70. The business’s fifty day simple moving average is $12.37 and its 200-day simple moving average is $10.33.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the prior year, the business posted ($0.33) EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal 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.