XTX Topco Ltd Sells 110,612 Shares of Cleveland-Cliffs Inc. $CLF

XTX Topco Ltd cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 79.9% in the second quarter, Holdings Channel.com reports. The fund owned 27,772 shares of the mining company’s stock after selling 110,612 shares during the quarter. XTX Topco Ltd’s holdings in Cleveland-Cliffs were worth $211,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. increased its position in Cleveland-Cliffs by 5.9% during the second quarter. Edmond DE Rothschild Holding S.A. now owns 1,250,000 shares of the mining company’s stock worth $9,500,000 after buying an additional 70,000 shares during the last quarter. Insigneo Advisory Services LLC acquired a new stake in shares of Cleveland-Cliffs in the second quarter worth about $150,000. CreativeOne Wealth LLC boosted its stake in shares of Cleveland-Cliffs by 60.0% during the 2nd quarter. CreativeOne Wealth LLC now owns 19,338 shares of the mining company’s stock worth $147,000 after acquiring an additional 7,251 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Cleveland-Cliffs by 27.4% during the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock worth $380,000 after acquiring an additional 10,733 shares in the last quarter. Finally, AXQ Capital LP increased its holdings in shares of Cleveland-Cliffs by 60.0% during the 2nd quarter. AXQ Capital LP now owns 140,554 shares of the mining company’s stock valued at $1,068,000 after acquiring an additional 52,682 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

CLF has been the subject of several analyst reports. Wells Fargo & Company upgraded Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $11.00 to $12.00 in a report on Friday, November 14th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. UBS Group set a $15.00 price target on shares of Cleveland-Cliffs in a report on Monday, October 27th. The Goldman Sachs Group raised their price target on Cleveland-Cliffs from $14.50 to $16.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.78.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $12.38 on Wednesday. The firm’s 50-day moving average is $12.43 and its 200-day moving average is $10.56. The company has a market cap of $6.12 billion, a price-to-earnings ratio of -3.64 and a beta of 1.97. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The business had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period last year, the business earned ($0.33) earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 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.