Geode Capital Management LLC Cuts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Geode Capital Management LLC reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 0.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 8,202,669 shares of the mining company’s stock after selling 45,694 shares during the period. Geode Capital Management LLC’s holdings in Cleveland-Cliffs were worth $104,774,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its holdings in shares of Cleveland-Cliffs by 57.1% during the 2nd quarter. Fifth Third Bancorp now owns 9,665 shares of the mining company’s stock worth $149,000 after acquiring an additional 3,514 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new position in Cleveland-Cliffs during the second quarter valued at $247,000. New York State Teachers Retirement System grew its stake in shares of Cleveland-Cliffs by 9.7% in the 2nd quarter. New York State Teachers Retirement System now owns 508,257 shares of the mining company’s stock worth $7,822,000 after buying an additional 44,985 shares in the last quarter. JB Capital LLC increased its holdings in shares of Cleveland-Cliffs by 38.9% in the 2nd quarter. JB Capital LLC now owns 99,700 shares of the mining company’s stock worth $1,534,000 after buying an additional 27,923 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Cleveland-Cliffs by 28.3% during the 2nd quarter. Retirement Systems of Alabama now owns 1,199,932 shares of the mining company’s stock valued at $18,467,000 after buying an additional 265,028 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Trading Down 3.5 %

Shares of CLF opened at $9.54 on Thursday. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of -9.84 and a beta of 1.92. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 1-year low of $9.51 and a 1-year high of $22.97. The company has a 50-day moving average of $12.37 and a 200 day moving average of $13.37.

Cleveland-Cliffs (NYSE:CLF) last posted 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 business’s revenue was down 18.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 EPS. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.45 EPS for the current year.

Wall Street Analyst Weigh In

CLF has been the subject of several recent research reports. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Citigroup cut their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.39.

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.