Short Interest in Cleveland-Cliffs Inc. (NYSE:CLF) Decreases By 8.2%

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. Based on an average trading volume of 15,720,000 shares, the days-to-cover ratio is presently 2.7 days. Currently, 8.7% of the shares of the company are sold short.

Cleveland-Cliffs Trading Up 0.9 %

NYSE CLF traded up $0.10 during trading on Monday, hitting $11.49. 14,740,169 shares of the company’s stock traded hands, compared to its average volume of 11,458,728. The stock has a fifty day moving average of $10.18 and a two-hundred day moving average of $11.75. 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 has a 12-month low of $8.99 and a 12-month high of $22.97. The firm has a market cap of $5.67 billion, a P/E ratio of -11.84 and a beta of 1.96.

Institutional Trading of Cleveland-Cliffs

Several institutional investors have recently added to or reduced their stakes in CLF. Strengthening Families & Communities LLC boosted its holdings in shares of Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the period. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $25,000. Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth about $34,000. Finally, Estabrook Capital Management boosted its holdings in shares of Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after purchasing an additional 2,700 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a report on Tuesday, January 7th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley decreased 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 report on Monday, February 3rd. Finally, Citigroup decreased their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $16.68.

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.