KBC Group NV Has $22.90 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

KBC Group NV lessened its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 10.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,793,019 shares of the mining company’s stock after selling 212,424 shares during the period. KBC Group NV’s holdings in Cleveland-Cliffs were worth $22,897,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in Cleveland-Cliffs by 54.7% during the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after buying an additional 5,621,797 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Cleveland-Cliffs by 49.9% during the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after acquiring an additional 2,027,757 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Cleveland-Cliffs by 1,893.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock worth $156,800,000 after acquiring an additional 1,166,258 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Cleveland-Cliffs by 23.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after acquiring an additional 1,069,907 shares during the period. Finally, WINTON GROUP Ltd lifted its holdings in Cleveland-Cliffs by 1,650.8% during the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock valued at $13,458,000 after purchasing an additional 824,518 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Price Performance

CLF opened at $11.04 on Friday. The firm has a 50-day moving average price of $12.60 and a 200-day moving average price of $14.29. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of -11.38 and a beta of 1.97. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. 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 (NYSE:CLF) last announced its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share. Equities analysts expect that Cleveland-Cliffs Inc. will post -0.37 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Citigroup reduced their price target 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. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus price target of $17.56.

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.