Victory Capital Management Inc. Cuts Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Victory Capital Management Inc. reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 4.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,325,996 shares of the mining company’s stock after selling 103,742 shares during the quarter. Victory Capital Management Inc. owned about 0.50% of Cleveland-Cliffs worth $29,703,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs during the second quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new stake in Cleveland-Cliffs in the 2nd quarter valued at approximately $31,000. Gradient Investments LLC increased its position in Cleveland-Cliffs by 138.8% during 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 period. EverSource Wealth Advisors LLC raised its stake in shares of Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Cleveland-Cliffs in the 1st quarter valued at approximately $45,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.04 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The business’s fifty day moving average price is $12.60 and its two-hundred day moving average price is $14.27. The stock has a market cap of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same period in the previous year, the business earned $0.54 EPS. The firm’s revenue was down 18.5% on a year-over-year basis. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CLF has been the subject of several research analyst reports. Citigroup cut their price objective on 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 upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.56.

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.