Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Update

Cleveland-Cliffs Inc. (NYSE:CLF) was the target of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 42,180,000 shares, a decrease 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 short-interest ratio is currently 2.7 days. Currently, 8.7% of the shares of the stock are sold short.

Cleveland-Cliffs Price Performance

CLF opened at $12.03 on Wednesday. The company has a fifty day moving average price of $10.17 and a two-hundred day moving average price of $11.74. The firm has a market capitalization of $5.94 billion, a PE ratio of -12.40 and a beta of 1.96. Cleveland-Cliffs has a 52 week low of $8.99 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.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. boosted its holdings in Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after buying an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $18,999,000. Janus Henderson Group PLC boosted its stake in Cleveland-Cliffs by 987.0% during the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after acquiring an additional 187,957 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in Cleveland-Cliffs during the third quarter valued at approximately $22,122,000. Finally, First Dallas Securities Inc. increased its stake in Cleveland-Cliffs by 27.9% in the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after purchasing an additional 45,150 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Morgan Stanley decreased their price objective 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. Citigroup dropped their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, 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 research note on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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.