KBC Group NV Cuts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

KBC Group NV cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 10.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,793,019 shares of the mining company’s stock after selling 212,424 shares during the quarter. KBC Group NV owned approximately 0.38% of Cleveland-Cliffs worth $22,897,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Cleveland-Cliffs by 54.7% during the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after purchasing an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC increased its holdings in Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Cleveland-Cliffs by 1,893.6% during the third quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock worth $156,800,000 after purchasing an additional 1,166,258 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Cleveland-Cliffs by 23.6% in the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after buying an additional 1,069,907 shares during the last quarter. Finally, WINTON GROUP Ltd grew its position in shares of Cleveland-Cliffs by 1,650.8% during the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock valued at $13,458,000 after buying an additional 824,518 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

CLF opened at $11.04 on Friday. The company has a fifty day moving average price of $12.60 and a two-hundred day moving average price of $14.29. 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 firm has a market capitalization of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on CLF. Citigroup cut their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Morgan Stanley dropped 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 research note on Wednesday, September 18th. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $17.56.

About Cleveland-Cliffs

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.