Northwest Bancshares Inc. Has $3.93 Million Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Northwest Bancshares Inc. reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 307,416 shares of the mining company’s stock after selling 22,850 shares during the quarter. Northwest Bancshares Inc. owned about 0.07% of Cleveland-Cliffs worth $3,926,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CLF. Strengthening Families & Communities LLC increased its holdings in Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the period. Altshuler Shaham Ltd bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $31,000. Gradient Investments LLC grew its holdings in shares of Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after purchasing an additional 1,343 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CLF. Citigroup decreased their price target 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. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Up 1.9 %

Shares of NYSE CLF opened at $11.44 on Wednesday. The company has a market capitalization of $5.65 billion, a P/E ratio of -11.79 and a beta of 1.97. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company’s 50 day moving average price is $12.61 and its 200-day moving average price is $14.17.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) 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 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 firm earned $0.54 EPS. The firm’s revenue was down 18.5% on a year-over-year basis. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current year.

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.