Geode Capital Management LLC Sells 472,862 Shares of Cleveland-Cliffs Inc. $CLF

Geode Capital Management LLC cut its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 5.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,383,202 shares of the mining company's stock after selling 472,862 shares during the period. Geode Capital Management LLC owned about 1.69% of Cleveland-Cliffs worth $63,729,000 at the end of the most recent quarter.

• Cleveland-Cliffs Breaks to New Highs on Earnings, More Upside?

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Woodline Partners LP bought a new position in Cleveland-Cliffs in the 1st quarter valued at $22,696,000. Jump Financial LLC increased its stake in shares of Cleveland-Cliffs by 362.5% in the first quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company's stock valued at $24,661,000 after buying an additional 2,351,372 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Cleveland-Cliffs in the first quarter valued at $9,416,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Cleveland-Cliffs by 231.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company's stock valued at $12,838,000 after buying an additional 1,090,237 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of Cleveland-Cliffs in the second quarter valued at about $8,155,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $11.20 on Monday. The firm has a fifty day moving average of $12.26 and a two-hundred day moving average of $10.11. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of -3.29 and a beta of 2.07. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.70.

• Cleveland-Cliffs Rally Tops S&P 500, Can It Continue?

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping analysts' consensus estimates of ($0.48) by $0.03. The business had revenue of $4.73 billion during the quarter, compared to analysts' expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.33) earnings per share. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a "neutral" rating on the stock in a report on Tuesday, November 11th. Glj Research reiterated a "sell" rating and set a $5.75 target price on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. KeyCorp decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.00 and set an "overweight" rating on the stock in a research note on Monday, November 10th. UBS Group set a $15.00 price objective on shares of Cleveland-Cliffs in a research report on Monday, October 27th. Finally, Wells Fargo & Company raised Cleveland-Cliffs from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $11.00 to $12.00 in a report on Friday, November 14th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $12.78.

• Time for Cleveland-Cliffs Stock to Break Out? Markets Say Yes

Read Our Latest Report on CLF

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.

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