Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Alan B Lancz & Associates Inc.

Alan B Lancz & Associates Inc. lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 8.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 16,400 shares of the mining company’s stock after selling 1,600 shares during the period. Alan B Lancz & Associates Inc.’s holdings in Cleveland-Cliffs were worth $209,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Altshuler Shaham Ltd purchased a new stake in Cleveland-Cliffs in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Cleveland-Cliffs in the second quarter valued at about $31,000. Gradient Investments LLC grew its holdings in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after buying an additional 1,249 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the last quarter. Finally, LRI Investments LLC acquired a new position in Cleveland-Cliffs in the 1st quarter valued at about $45,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on CLF shares. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Citigroup lowered their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $12.87 on Friday. The firm’s fifty day simple moving average is $12.63 and its 200-day simple moving average is $14.49. The company has a quick ratio of 0.60, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market cap of $6.36 billion, a PE ratio of -13.27 and a beta of 1.97. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its 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). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s quarterly revenue was down 18.5% compared to the same quarter last year. Analysts expect that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current fiscal year.

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.