Quantbot Technologies LP Sells 348,279 Shares of Cleveland-Cliffs Inc. $CLF

Quantbot Technologies LP cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 43.8% during the third quarter, HoldingsChannel.com reports. The firm owned 446,158 shares of the mining company’s stock after selling 348,279 shares during the period. Quantbot Technologies LP’s holdings in Cleveland-Cliffs were worth $5,443,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of CLF. Xponance Inc. increased its holdings in Cleveland-Cliffs by 7.4% in the 3rd quarter. Xponance Inc. now owns 60,557 shares of the mining company’s stock valued at $739,000 after buying an additional 4,158 shares during the period. Intech Investment Management LLC boosted its position in shares of Cleveland-Cliffs by 43.0% during the 3rd quarter. Intech Investment Management LLC now owns 83,795 shares of the mining company’s stock valued at $1,022,000 after acquiring an additional 25,209 shares in the last quarter. Clearstead Advisors LLC increased its stake in Cleveland-Cliffs by 1.4% in the third quarter. Clearstead Advisors LLC now owns 89,604 shares of the mining company’s stock valued at $1,093,000 after acquiring an additional 1,242 shares during the period. Citigroup Inc. increased its stake in Cleveland-Cliffs by 17.5% in the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock valued at $97,733,000 after acquiring an additional 1,195,035 shares during the period. Finally, AMG National Trust Bank raised its position in Cleveland-Cliffs by 1.7% in the third quarter. AMG National Trust Bank now owns 190,024 shares of the mining company’s stock worth $2,318,000 after purchasing an additional 3,112 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $10.65 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.70. The stock has a market capitalization of $6.07 billion, a PE ratio of -3.65 and a beta of 1.93. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. The stock’s fifty day moving average is $12.92 and its 200-day moving average is $12.31.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.60 billion. During the same period in the previous year, the business posted ($0.68) earnings per share. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In related news, Director Edilson Camara acquired 19,700 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was purchased at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the transaction, the director directly owned 41,983 shares of the company’s stock, valued at approximately $425,287.79. This trade represents a 88.41% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total value of $37,260,000.00. Additional details regarding this sale are available in the official SEC disclosure. 1.71% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CLF shares. Glj Research decreased their price objective on Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating on the stock in a report on Tuesday, February 10th. Wall Street Zen raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $12.80 to $17.00 in a research report on Friday, January 9th. Wells Fargo & Company raised Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $11.00 to $12.00 in a report on Friday, November 14th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $15.00 target price on shares of Cleveland-Cliffs in a research note on Monday, February 9th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $13.89.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.