Worldquant Millennium Advisors LLC Sells 14,091 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Worldquant Millennium Advisors LLC lessened its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 549,529 shares of the mining company’s stock after selling 14,091 shares during the period. Worldquant Millennium Advisors LLC’s holdings in Cleveland-Cliffs were worth $7,017,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Strengthening Families & Communities LLC raised its position 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 worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd bought a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $31,000. Gradient Investments LLC raised its position in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CLF shares. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.39.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $11.84 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of -12.21 and a beta of 1.92. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a fifty day moving average of $12.69 and a 200-day moving average of $13.72.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period last year, the firm earned $0.54 EPS. Cleveland-Cliffs’s quarterly revenue was down 18.5% on a year-over-year basis. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.45 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.