Victory Capital Management Inc. Cuts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Victory Capital Management Inc. trimmed its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 4.3% in the third quarter, Holdings Channel.com reports. The firm owned 2,325,996 shares of the mining company’s stock after selling 103,742 shares during the quarter. Victory Capital Management Inc.’s holdings in Cleveland-Cliffs were worth $29,703,000 at the end of the most recent quarter.

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

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $11.04 on Friday. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The company has a market capitalization of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a fifty day simple moving average of $12.60 and a 200-day simple moving average of $14.27.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the previous year, the company earned $0.54 earnings per share. The business’s quarterly revenue was down 18.5% on a year-over-year basis. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CLF. Morgan Stanley decreased their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report 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 cut their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, StockNews.com cut 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, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.