Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Down 8.2% in January

Cleveland-Cliffs Inc. (NYSE:CLF) was the target of a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 42,180,000 shares, a decline of 8.2% from the January 15th total of 45,940,000 shares. Currently, 8.7% of the company’s shares are sold short. Based on an average daily volume of 15,720,000 shares, the days-to-cover ratio is currently 2.7 days.

Cleveland-Cliffs Stock Up 4.7 %

CLF stock traded up $0.55 during midday trading on Tuesday, hitting $12.03. 18,044,428 shares of the company’s stock were exchanged, compared to its average volume of 16,351,791. The firm has a 50 day moving average price of $10.17 and a 200-day moving average price of $11.74. Cleveland-Cliffs has a 12-month low of $8.99 and a 12-month high of $22.97. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of -12.40 and a beta of 1.96. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CLF. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a report on Tuesday, January 7th. Citigroup cut their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $16.68.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds and other institutional investors have recently made changes to their positions in CLF. Strengthening Families & Communities LLC grew its holdings in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares in the last quarter. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Darwin Wealth Management LLC acquired a new position in Cleveland-Cliffs in the third quarter worth about $34,000. Truvestments Capital LLC bought a new stake in Cleveland-Cliffs in the third quarter valued at about $34,000. Finally, Estabrook Capital Management raised its stake in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after buying an additional 2,700 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company 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.