Cleveland-Cliffs Inc. $CLF Shares Sold by Redmond Asset Management LLC

Redmond Asset Management LLC trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 70.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,392 shares of the mining company’s stock after selling 40,000 shares during the period. Redmond Asset Management LLC’s holdings in Cleveland-Cliffs were worth $180,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Cleveland-Cliffs in the second quarter worth $522,766,000. PointState Capital LP acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at about $61,805,000. Avala Global LP bought a new stake in Cleveland-Cliffs in the 2nd quarter valued at about $58,325,000. Kinetic Partners Management LP bought a new stake in Cleveland-Cliffs in the 2nd quarter valued at about $56,511,000. Finally, Assenagon Asset Management S.A. increased its position in Cleveland-Cliffs by 208.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock valued at $56,545,000 after buying an additional 4,067,994 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 2.3%

CLF stock opened at $14.26 on Friday. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $15.35. The company has a quick ratio of 0.64, a current ratio of 1.87 and a debt-to-equity ratio of 1.28. The stock’s 50 day moving average is $12.32 and its 200-day moving average is $11.40. The firm has a market capitalization of $8.13 billion, a PE ratio of -16.77, a P/E/G ratio of 5.09 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, October 19th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.04. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.69 billion. During the same quarter in the previous year, the firm earned ($0.51) earnings per share. Cleveland-Cliffs’s quarterly revenue was up 18.5% on a year-over-year basis. Sell-side analysts expect that Cleveland-Cliffs Inc. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Edilson Camara acquired 7,400 shares of the company’s stock in a transaction on Thursday, October 22nd. The shares were acquired at an average cost of $13.49 per share, for a total transaction of $99,826.00. Following the purchase, the director owned 64,717 shares in the company, valued at approximately $873,032.33. The trade was a 12.91% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.95% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Cleveland-Cliffs from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, October 22nd. The Goldman Sachs Group reissued a “neutral” rating and issued a $13.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 20th. Bank of America decreased their price objective on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, July 9th. Barclays upped their target price on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Thursday, October 22nd. Finally, B. Riley Financial increased their target price on Cleveland-Cliffs from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, October 22nd. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $13.82.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.