Oppenheimer & Co. Inc. Decreases Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Oppenheimer & Co. Inc. reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.7% during the third quarter, according to its most recent filing with the SEC. The fund owned 299,104 shares of the mining company’s stock after selling 8,396 shares during the quarter. Oppenheimer & Co. Inc. owned 0.06% of Cleveland-Cliffs worth $3,820,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Prime Capital Investment Advisors LLC bought a new stake in Cleveland-Cliffs in the third quarter worth about $263,000. GSA Capital Partners LLP increased its stake in shares of Cleveland-Cliffs by 295.9% during the 3rd quarter. GSA Capital Partners LLP now owns 205,461 shares of the mining company’s stock worth $2,624,000 after purchasing an additional 153,560 shares during the last quarter. Crumly & Associates Inc. raised its holdings in shares of Cleveland-Cliffs by 10.3% in the 3rd quarter. Crumly & Associates Inc. now owns 78,504 shares of the mining company’s stock worth $1,002,000 after purchasing an additional 7,343 shares during the period. Easterly Investment Partners LLC purchased a new position in Cleveland-Cliffs in the third quarter valued at approximately $2,764,000. Finally, Keynote Financial Services LLC grew its holdings in Cleveland-Cliffs by 29.3% during the third quarter. Keynote Financial Services LLC now owns 23,092 shares of the mining company’s stock valued at $295,000 after purchasing an additional 5,230 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CLF has been the topic of several research reports. Citigroup lowered their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Morgan Stanley lowered their price objective on 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, StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three investment 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 company’s stock. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Price Performance

CLF stock opened at $11.04 on Friday. The firm has a 50 day moving average of $12.60 and a 200-day moving average of $14.29. The firm has a market capitalization of $5.45 billion, a P/E ratio of -11.38 and a beta of 1.97. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last released 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 firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current fiscal year.

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.